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I have a client who is a 1099'd truck driver and he leases a trailer for his cattle hauling business. How do I write off the lease payments?
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It's a private lease from his parents. This was 2 years ago, so he is not going to own or didn't buy it from them.
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I guess yes technically, sorry.
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I don't use ProConnect but a Sched C should be the same no matter what software.....Find where you enter Rent or Lease of equipment.
Taxpayer should issue a 1099 to parents for amount paid for leasing the trailer.
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Would I add it as 'Vehicle 2"?
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Oh yes, okay! Thank you.
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It sounds like a business expense called RENT. In ProConnect if you want to itemize the various vehicle expenses including RENT, you start with 2106 and link it to the schedule C.
He needs to issue a 1099 to his parents.
Answers are easy. Questions are hard!
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Specifically, if he hadn't already done so, he is late issuing a 1099-Misc with box 1 rent. He's in the "up to 30 days late" penalty range right now.
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