1099 misc

[Therrell123]

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

[Brian EA]

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

[Jiggers]

Truck Rental

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."

[GIMoe]

Equipment rental

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