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What form is used for rental of business equipment?

jackie310
Level 2

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

 

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3 Comments 3
Just-Lisa-Now-
Level 15
Level 15

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♥¸¸.•*¨*•♫♪
Skylane
Level 11
Level 11

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

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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