jackie310
Level 2
02-27-2021
07:34 PM
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Client Received 1099 MISC for rental of business equipment. How is this handled?
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Level 15
02-27-2021
07:43 PM
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Is he in the business of renting business equipment for profit? If so it goes on Sch C.
If not, rental of personal property goes on the Other Income line.
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
Level 11
03-01-2021
07:24 AM
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It depends. Need more info to determine. What is client’s business? What equipment was rented and why?
If at first you don’t succeed…..find a workaround
qbteachmt
Level 15
03-01-2021
11:19 AM
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If this is his own business equipment, and he rented it instead of using it, that still makes it part of his business and would be reported on his business return.
But as everyone points out, that's a pretty vague question.
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