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Buying an investment property isn't a job. It's an asset, that possibly generates income. That is not a job. That's an investment. A W-2 job isn't an investmen

Buying an investment property isn't a job. It's an asset, that possibly generates income. That is not a job. That's an investment. A W-2 job isn't an investment. It's a job. A hobby isn't a job or investment, it's a hobby. You absolutely do have tax consequences if quitting the hobby involves selling equipment, particularly if that equipment was something that has to be registered, like a boat, car, ATV, etc.

kccqzy 7mo ago
It is a job. You need to manage and select tenants and handle repairs and maintenance. Managing one rental property is like a part-time job. But W-2 jobs may be part time too. It’s not like an REIT. There are no tax consequences for quitting a hobby because you can’t deduct any expenses for hobbies in the first place, let alone any depreciation for these equipment.