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    1099 misc

    when a client is issued a 1099 misc with income located in box a rental for the use of his truck, what form is best used to show both income and expense?
    Marg

    #2
    Originally posted by Ivey View Post
    when a client is issued a 1099 misc with income located in box a rental for the use of his truck, what form is best used to show both income and expense?
    Marg
    If he is really renting out his truck then income and expenses go to Sch E.

    brian
    Everybody should pay his income tax with a smile. I tried it, but they wanted cash

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      #3
      Truck Rental

      Originally posted by Brian View Post
      If he is really renting out his truck then income and expenses go to Sch E.

      brian
      I disagree. See IRS instructions for Schedule E. Specifically says "Do not use Schedule E to report income and expenses from the rental of personal property, such as equipment or vehicles. Instead, use Schedule C or C-EZ if you are in the business of renting personal property."

      If you are not in the business of renting personal property "...see the instructions for Form 1040, lines 21 and 36, to find out how to report the income and expenses."
      Jiggers, EA

      Comment


        #4
        Equipment rental

        Originally posted by Jiggers View Post
        I disagree. See IRS instructions for Schedule E. Specifically says "Do not use Schedule E to report income and expenses from the rental of personal property, such as equipment or vehicles. Instead, use Schedule C or C-EZ if you are in the business of renting personal property."

        If you are not in the business of renting personal property "...see the instructions for Form 1040, lines 21 and 36, to find out how to report the income and expenses."
        I agre with Jiggers -- equipment rental goes to Schedule C not E
        That's all I have to say ... for now.

        Moses A.
        Enrolled Agent

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