should my vehicle lease payments - which I'm taxed on 100% on my 1099 - be classified as Lease Expenses or Vehicle Expenses. This gets reported on a F1065
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Use lease expense, it is more descriptive. Vehicle expense is more for fuel, tires, battery, etc
I'm not sure what this has to do with a 1099 though, if the company you pay is a corporation there should be no 1099 you have to create.
Use lease expense, it is more descriptive. Vehicle expense is more for fuel, tires, battery, etc
I'm not sure what this has to do with a 1099 though, if the company you pay is a corporation there should be no 1099 you have to create.
My wife is a partner in a p-ship that sells weight loss and skin care supplements. She receives non employee compensation on a F1099 from the company who manufactures the supplements. She leases a vehicle and the supplement company reimburses her for the lease and includes it in the 1099 along with the money she receives for the sales she makes. When I record the lease payment in our QBO setup, I'm trying to figure out how to record it. I'll use Lease Expense. Thank you.
My problem relates to how to set up the inclusion amount on the lease payment of a leased vehicle. Per IRS rule, I have to deduct the inclusion amount against the lease payment but not to add it on income. Can you please teach how to
@Rustler wrote:Use lease expense, it is more descriptive. Vehicle expense is more for fuel, tires, battery, etc
I'm not sure what this has to do with a 1099 though, if the company you pay is a corporation there should be no 1099 you have to create.
set up a journal entry on this in QB?
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