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brendam24
December 2, 2024
Question

1099 Misc

  • December 2, 2024
  • 1 reply
  • 0 views

So we pay our landlord $2000 rent for our office space, plus we also share the dumpster fees, which are usually about $45 a month. I will send him the check for $2045 each month. When I issue him a 1099-MISC will I only do it for the total rent paid for the year 24k or will it be the 24k rent plus the dumpster fees? 

1 reply

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JorgetteG
December 2, 2024

Let us explore how to effectively organize your rental payments and ensure all expenses are accurately reported for tax purposes, Brendam24.

 

When issuing a 1099-MISC in QuickBooks Online, you must include both the rent and the dumpster fees. According to IRS guidelines, Box 1 of the 1099-MISC form is designated for reporting all real estate rental transactions.

 

In your case, you'll need to report the total amount paid to your landlord for the year, which is $2,045 monthly.

 

Here's the calculation:

 

  • Monthly Payment: $2,045
  • Total Annual Payment: $2,045 x 12 months = $24,540

 

Thus, you should report $24,540 on the 1099-MISC form for your landlord, as this total includes both the rent and shared dumpster fees.

 

Additionally, you can refer to this comprehensive guide on preparing and filing your Federal and state 1099s using QuickBooks Online: Create and file 1099s with QuickBooks Online.

 

Furthermore, you might also want to review this article on generating 1099 reports in QuickBooks, which details who needs 1099s, payment totals, and more:  Create 1099 reports in QuickBooks.

 

I wish you smooth sailing with your forms in QuickBooks Online, Brendam24. I am confident this information will help you navigate your 1099-MISC documents efficiently. If you need more help, I'm always here to help.

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brendam24Author
December 3, 2024

I forgot to mention will our 2k deposit also need to be included with our yearly rent & dumpster fees we have paid annually when we have QBO file our 1099-MISC? We gave this deposit with our first month's rent of 2k in January 2024, for a total of 4k the very first month we moved in.

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JoanaC
December 3, 2024

Thank you for your prompt response, @brendam24. Allow me to share some insights about 1099misc forms.

 

The $2,000 security deposit you paid, along with the first month's rent, should not be included in the yearly calculations for rent and dumpster fees when filing your 1099-MISC. Security deposits are not considered income for the landlord at the time of receipt, as they are intended to be either returned at the end of the lease or applied towards damages or unpaid rent. For accurate filing and guidance, I suggest consulting your accountant about this.

 

Moreover, you can visit this link to learn more about 1099s:

 

 

We'll be here if you still have concerns about your tax forms. We are available 24/7 to assist you. Have a great day, and take care.

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