Created with Sketch.Learn about PPP and Loan Forgiveness, stay informed with the latest changes.
Created with Sketch.Need help with 1099's or other Year End topics? Visit our Year End Resources page.
Created with Sketch.New to QuickBooks or using a new product? Visit our Get Started resource page to help you get going.
Created with Sketch.Need to make changes to your account? Visit the Account Manager Portal.
cancel
Showing results for 
Search instead for 
Did you mean: 
Anonymous
Not applicable

Using a 1099 to show manager rent compensation

I'm new to this forum, so apologize if I have posted this twice.  

 

I own a property managment company.  As part of my managers compensation, I give him rent "for free" along with a salary.  How do I show his rent on his 1099.  I've tried making a journal entry, but it doesn't capture it by his name.

 

Any help would be appreciated!!!!!

JMC

 

(The title of this post has been edited by the moderator for clarity)

4 Comments
Level 6

Using a 1099 to show manager rent compensation

Hi 507JMc,

Welcome to the community. By “Rent for Free” do you mean you are providing her/him accommodations for free?

Level 6

Using a 1099 to show manager rent compensation

Hi,

Welcome to the community. By “Rent for Free” do you mean you are providing her/him accommodations for free?

Level 15

Using a 1099 to show manager rent compensation

 @Anonymous

 

If his living on the property is a condition of his employment, then that value is not income to him.


On the other hand, if he is not required to live on site, then rent is part of his income. Each month you would enter his rent as income, set him up as a customer, and invoice him like any other tenant.


Receive the payment, and deposit it to his mapped 1099 expense account. You may have to deposit it to a cash account first and then make a payment to him in that amount from the cash account.

 

Journal entries should be the exception when using QB, they often do not work as you think they should, and  when you use inventory type items they never work for inventory. It is much better to use the forms on the home page the way QB is designed to be used.    Journal entries also bypass reporting, and will not show on many reports.

Anonymous
Not applicable

Using a 1099 to show manager rent compensation

@Anonymous, 

 

Thanks for posting this question. Others have asked similar questions as to what constitutes income if you offer something like rent as compensation.

 

Do you know how to map expenses to a 1099 account and follow the workflow @Rustler suggested?

Sign in for the best experience
Ask questions, get answers, and join our large community of QuickBooks users.
Sign In / Sign Up

Need to get in touch?

Contact us