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Taxpayer leased his PVL and his cab for say $600 per week to

a cab driver. He is...
Taxpayer leased his PVL and his cab for say $600 per week to a cab driver. He is reposible for repairs and maintenance, insurance, lot fees, etc. of the cab.
Can he use Sch E to report his this activity?
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Answered in 11 minutes by:
3/1/2013
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16,581
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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Thanks for asking your question! I'm sorry to hear about your tax issue and I'm going to try my best to help you understand or resolve it.

Thank you for your question, and thanks for using JustAnswer.com. The rental of a cab and PVL would not be a schedule E activity. Schedule E is used to report rental real estate income, royalties, and losses from partnerships, S corporations, estates and trusts.

This activity would be reported on Schedule C, and subject to self employment tax.

Please let me know if you need anything additional. Thanks again for using JustAnswer.com and have a great day.

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You should be aware that your question, as with most tax questions, can never really be answered completely...addressing all the permutations; that is because of the many assumptions that have to be made I have done my best to determine what I think you are asking and answering it in the most direct and understandable manner possible. If, however, after reviewing the questions, you have any uncertainties or further questions, please do not hesitate to ask.

Megan C
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Category: Tax
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