Technical topics regarding tax preparation.
12-Feb-2019 5:11pm
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A client started to rent out his Telsa and RV through a website, However, no many days have been rented out ( about 90 days out of 365 days)
so my question: shall I depreciate the cost? and how I expense those expenses - e.g all insurance, electric etc ? just full year or prorated based on the days?
first time to do these kind rentals, thanks!
12-Feb-2019 6:05pm
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Does client use them personally when they are not rented?
12-Feb-2019 6:09pm
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Very tempting to call it casual rental on 1040 Schedule 1 line 21 maybe with prorata part of insurance on line 36 for this first year and move it to Schedule C only if rental use increases significantly in a future year.
Because on T.A. ten was the most you were allowed
12-Feb-2019 7:09pm
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I guess so, Sjrcpa, but he owns other two cars. Tenletters, thanks, I think I will do that.
12-Feb-2019 7:28pm
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Actually, there was not much income in 2018 because the rental started in Sep. the describe above partly for 2019 too
13-Feb-2019 5:56pm
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I wonder if Elon pays Nikola's heirs a royalty for using his [their] name. Did the OP avoid the royalty?
13-Feb-2019 8:21pm
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Nik (the nickname I have always used for him) never married, had no close relatives, and never protected the name in a legal sense.
Ergo, no royalties.
John DeLorean probably did protect the name. The car might be coming back.
https://www.delorean.com. Back to now, that is, not the future.
13-Feb-2019 8:29pm
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Is Diplodok close enough to Nilodop, such that I can sue over infringement? Probably not, but I am a confirmed nuisance, so I might be able to squeeze out a nuisance settlement.
13-Feb-2019 10:04pm
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Diplodok is the nickname for my daughter's favorite dinosaur, the diplodocus. I maintain independent creation : )
14-Feb-2019 10:48am
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I would go about it in a days used fashion for the RV.
Perhaps standard mileage rate for the Tesla? Or if you go the actual method, you might get better deduction. Idk, since this is probably a hobby.
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