Someone told me that money received from rental of a property for movie filming is not a taxable income in California. Does he mean by filing Schedue E and claiming expenses for the property?
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renting to movie company
Remember the rule, rent received from a piece of real estate for 14 days or less in a year is not taxable. My guess is this is what someone was trying to tell you. -
According to TTB All States, page CA-4, subtractions from federal AGI include Ottoman Turkish Empire settlement payments. According to Wikipedia, the Ottoman Empire lasted from 1299 to October 29, 1923. Apparently, not everyone was happy with the break up, and someone felt certain ones deserved some kind of settlement award, which California for some strange reason feels should not be taxed.
Anyway, I don’t see any subtraction in the list for renting your property to a movie company. Maybe there is one under “other subtractions.” You’d think, however, renting your property to a movie company in California would be more common than Ottoman Turkish Empire settlement payments, and be given its own subtraction line, if it were in fact a subtraction from federal AGI.
Maybe someone from California can tell us what is what here.Comment
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