• FreeAdvice has a new Terms of Service and Privacy Policy, effective May 25, 2018.
    By continuing to use this site, you are consenting to our Terms of Service and use of cookies.

Rental of personal property

Accident - Bankruptcy - Criminal Law / DUI - Business - Consumer - Employment - Family - Immigration - Real Estate - Tax - Traffic - Wills   Please click a topic or scroll down for more.

J

John Knight

Guest
I have an LLC that will be an S Corp.. I would like to know how I should treat rents the LLC receives for tools it rents to others. I also use the tools - I'm a building contractor - through the same LLC. Does this pose any problems? Do I treat the rents as section 162 or 212 income? I think 212 applies to real property and not personal property, but a reading of the actual regulation doesn't necessarily indicate this. Any ideas?

Thanks in advance.
 



Find the Right Lawyer for Your Legal Issue!

Fast, Free, and Confidential
data-ad-format="auto">
Top