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1099 form for renting a trailer

Discussion in 'Ask An Owner Operator' started by DLJ, Mar 29, 2019.

  1. Mar 29, 2019 #1
    DLJ

    DLJ Light Load Member

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    i'm renting a trailer and getting paid by bank transcation monthly , is it better a 1099 form
     
    DLJ, Mar 29, 2019
    DLJ, Mar 29, 2019
    #1
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  3. Mar 29, 2019 #2
    Ridgeline

    Ridgeline Road Train Member

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    This makes no sense, renting a trailer has nothing to do with your 1099 status.
     
    Ridgeline, Mar 29, 2019
    Ridgeline, Mar 29, 2019
    #2
    AlexanderK Thanks this.
  4. Mar 29, 2019 #3
    tnevin225

    tnevin225 Road Train Member

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    I think he is renting out the trailer to someone else and has income from that so it would go to a 1099-MISC wouldn't it.
     
    tnevin225, Mar 29, 2019
    tnevin225, Mar 29, 2019
    #3
  5. Mar 29, 2019 #4
    Ridgeline

    Ridgeline Road Train Member

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    Michigan
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    No, it wouldn't. It would be a billable item and counted as gross income from a business transaction.
     
    Ridgeline, Mar 29, 2019
    Ridgeline, Mar 29, 2019
    #4
    AlexanderK and blade Thank this.
  7. Mar 29, 2019 #5
    DLJ

    DLJ Light Load Member

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    got it
     
    DLJ, Mar 29, 2019
    DLJ, Mar 29, 2019
    #5
  8. Mar 29, 2019 #6
    GypsyWanderlust

    GypsyWanderlust Medium Load Member

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    Like Ridgeline said, it would count as a billed item (profits) when you file you quarterly business return. Maintenance, damage, or depreciation to said trailer would be a loss. I mean no offense but I think you should get a CPA to do your books.
     
    GypsyWanderlust, Mar 29, 2019
    GypsyWanderlust, Mar 29, 2019
    #6
  9. Mar 29, 2019 #7
    DLJ

    DLJ Light Load Member

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    Apr 16, 2017
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    i'm not the owner of the company , i'm a dispatcher
     
    DLJ, Mar 29, 2019
    DLJ, Mar 29, 2019
    #7
  10. Mar 29, 2019 #8
    Ridgeline

    Ridgeline Road Train Member

    22,675
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    Dec 18, 2011
    Michigan
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    Ok ... so add some details who what where when and how ....
     
    Ridgeline, Mar 29, 2019
    Ridgeline, Mar 29, 2019
    #8
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