![]() ![]() ![]() ![]() Report income and expenses related to personal property rentals on Schedule C (Form 1040) PDF, if you're in the business of renting personal property.If you provide substantial services that are primarily for your tenant's convenience, report your income and expenses on Schedule C (Form 1040), Profit or Loss From Business (Sole Proprietorship).You can generally use Schedule E (Form 1040), Supplemental Income and Loss to report income and expenses related to real estate rentals.In general, you can deduct expenses of renting property from your rental income. Cash or the fair market value of property or services you receive for the use of real estate or personal property is taxable to you as rental income. ![]()
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