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ATM Rental Question

I responded to your question re ATMs. Please see below for what I wrote.

I disagree. While the rental of personal property should not be reported on Schedule E, it should only be reported on Schedule C if the taxpayer "is in the business of renting personal property" (See instructions for Schedule E, Part I, on page 3). If the rental is not a business, the the income from the 1099 should be reported on line 21, other income, and the expenses associated with that (ie depreciation on the ATMs (7 yr MACRS by the way)) should be reported on line 36 (Total Other Adjustments) with the designation "PPR" next to it. See instructions of 1040 for those particular line items. If the taxpayer merely collects an amount and is involved with it merely for profit, does not run the business regularly or with any continuity, then it should be reported as such. This income would not be subject to self-employment tax either because the taxpayer did not materially participate in such activity (see instructions for Schedule C, line G on page 3).

If you have any further questions,

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