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Jammor7
Level 1

vehicle lease

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

Solved
Best answer April 09, 2021

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Rustler
Level 15

vehicle lease

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.

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3 Comments 3
Rustler
Level 15

vehicle lease

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.

Jammor7
Level 1

vehicle lease

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. 

abadillainc1954
Level 2

vehicle lease

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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