how do I claim income, sale income etc?
We rented out our travel trailer this past year for near 8 months payment was received on a weekly bases. What form do we use to claim this? Also, since he was on workers comp during the past year we had to improvise and found ways to make extra money. He did a lot of yard sales with stuff he purchased from auctions which gave a profit of approx. $1000.00 per sale,also he fixed up old lawn mowers and tillers and sold them for extra money. I realize this is a form of income I am just wondering how to claim it? on what form ?
thanxs
Schedule C~Self Employed. A bit of debate on the travel trailer as it is not a primary residence per say. The kicker here is if you run the income on a schedule E (rental income) it is not considered earned income but if you run it on a Schedule C, it is earned and qualifies as such.
So I sent in a request for information to the higher ups and they tell me that the travel trailer that you rent out is not considered rental income, but goes on a Schedule C, subject to self employment etc….Hope that I was able to help. Workers Compensation is not taxable so this schedule C income may benefit you in the long run because it is considered earned income..