Write offs on our RV lot (a tax question)
Last year we bought a RV lot in a nice RV park, with the plans to use it ourselves next year, but in the mean time the park has been renting it out for us. We get a certain amount, and the Park gets...
Forum Discussion
Sam Spade wrote:Guy Roan wrote:
We get a certain amount, and the Park gets a certain amount.
In general, you don't report money that you never actually GET.
However.....you are now a landlord and the rules for renting out property apply....including depreciation. You need advice from a tax professional......at least the first time.
Regarding income you are correct.
Regarding depreciation, you cannot depreciate land (RV lot), only structures.
