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Jammor7
Apr 8, 2021 10:28 PM UTC
Solved

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

Rustler
RustlerAnswer
Apr 9, 2021 11:53 AM UTC

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 replies

Rustler
RustlerAnswer
Apr 9, 2021 11:53 AM UTC

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.

Jammor7Author
Apr 9, 2021 6:33 PM UTC

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. 

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