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RV and Tesla Rental

Technical topics regarding tax preparation.
#1
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211
Joined:
26-May-2016 12:01pm
Location:
Oregon
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!
 

#2
sjrcpa  
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1489
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23-Apr-2014 5:27pm
Location:
Maryland
Does client use them personally when they are not rented?
 

#3
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161
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12-Jun-2014 6:13pm
Location:
North Carolina
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
 

#4
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211
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26-May-2016 12:01pm
Location:
Oregon
I guess so, Sjrcpa, but he owns other two cars. Tenletters, thanks, I think I will do that.
 

#5
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211
Joined:
26-May-2016 12:01pm
Location:
Oregon
Actually, there was not much income in 2018 because the rental started in Sep. the describe above partly for 2019 too
 

#6
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2054
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13-Sep-2014 9:37am
Location:
U.S. Capitol
I wonder if Elon pays Nikola's heirs a royalty for using his [their] name. Did the OP avoid the royalty?
 

#7
Nilodop  
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10814
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21-Apr-2014 9:28am
Location:
Pennsylvania
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.
 

#8
Nilodop  
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10814
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Location:
Pennsylvania
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.
 

#9
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26
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3-Feb-2019 3:12pm
Location:
Chicago
Diplodok is the nickname for my daughter's favorite dinosaur, the diplodocus. I maintain independent creation : )
 

#10
Noobie  
Posts:
830
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22-Apr-2014 1:35pm
Location:
Jacksonville, FL
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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