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jackie310
Level 2
February 28, 2021
Question

What form is used for rental of business equipment?

  • February 28, 2021
  • 3 replies
  • 22 views

Client Received 1099 MISC for rental of business equipment.  How is this handled?

 

This topic has been closed for replies.

3 replies

Just-Lisa-Now-
Just-Lisa-Now-Intuit Community Champion
Intuit Community Champion
February 28, 2021

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♥¸¸.•*¨*•♫♪
    SkylaneIntuit Community Champion
    Intuit Community Champion
    March 1, 2021

    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
      qbteachmt
      Level 15
      March 1, 2021

      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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