Are Hotel Rooms and Other Related Expenditures Reportable as Rent?
We always thought to report as rent the following if paid to unincorporated businesses:
Car rentals, hotel rooms, hotel conference rooms, rented venues for events such as Christmas parties, airplane tickets, chartered planes, tables/tablecloths/silverware, etc., artwork, floral arrangements, etc.
Are all of these truly to be reported as rent? We have had an extremely difficult time collecting TIN's on some of these, especially the car rental places.
Determining how to report in such situations ranks as incredibly difficult for information reporters. And for good reason. When reporting rent payments, you need to go beyond rent of real property (such as an office in a building), but also rent for any machinery or equipment you use.
Forgot to Generate a 1099 to a Rent Payment Vendor: What Should We Do?
We just discovered that we have not generated a 1099 MISC to a rent payment vendor. The oversight was due to the payment was made outside of the Accounts Payable System. Here are the questions:
- We have payment data from 2008, 2009 – how to file them? I can include 2010 data in the upcoming upload to the IRS.
- What should we do if we made payments prior to 2008 and the records were purged?
- Do we include real estate tax in the rental payment?
- The yearly rental payment is about $ 1.2 MM.
How to Report Residential Customer Buy Out Payment Regarding Natural Gas Pipeline?
The facts of the situation are a bit vague. However what I have been able to find out is this.
We have a residential customer on our natural gas pipeline and because of a project that is being undertaken, we are buying out the customer so that he will no longer be on the pipeline.
The customer's accountant believes that he should receive a 1099MISC as a rental/lease payment.
I am inclined to think it is more of an other income payment, reportable on 1099MISC, box 3.
Others think the customer should receive no 1099 as the payment would be damages, i.e. a damage payment for the reduction in value to the property because it can no longer be on the pipeline.
What are your thoughts?
Leases and Capital vs. Operating Agreements: Where to Report on Form 1099-MISC?
Our company rents furniture and computers that we will NOT own at the end of the lease. Are these payments reportable as rent payments (MISC 1)?
Rent and Security Deposit Payment and How to Report?
We paid an LLC for two months rent and security deposit in 2010 for an apartment. I am wondering how to report this. I am assuming the two months rent needs to go under rent on the 1099 but should we report the deposit since we will eventually get that back? And if we report it should that amount go under misc?
Apartment Lease in NYC from Argentinian Nationals: How to Report?
We lease an apartment in NYC from two individuals (split 50/50) who both live in Argentina. Each has completed a W-8BEN and a W-8ECI with U.S. Taxpayer Identification Numbers – SSN: 980-7X-XXXX and 980-7X-XXXX. The monthly rental fee (check) is issued to only one of the individuals, where the check is mailed to a person (acting in an agency capacity) in NYC. From the various conversations with her, she deposits the monies into two accounts for these two individuals. I split the income, report the monies on a 1042-S to each individual, and mail both forms to their Argentina residences. Is this being handled/reported correctly?
You will need to be very careful here as the transactions you are discussing cut across several different information reporting rules and regulations.
Lease and Payment to a Broker - How do we handle the reporting?
I paid the broker. The broker is acting as Owner's Listing Agents. The Fee is for a broker fee for a lease. Is this reportable?
Your question mentions the word “lease”. This is a very important term as the type of lease can define if you are dealing with a rental payment or not. As such, please find below a primer on rent and leases.
1099-MISC Thresholds
What are the dollar thresholds for each of the following boxes on the 1099-MISC: box 1 box 6 box 14
$600
Easement paid to corporation
1) I paid easement (right to use land, but not purchase the land) to a company that is Corporation. Do I still issue a 1099-Misc Rent (box 1) to the company even though they are a Corporation? 2) We purchased a property from a company that is Corporation. Do I still issue a 1099-S even though they are a Corporation?
Here is what you need to know:
Corporations, but for medical and legal service providers, are not reportable. Just make sure and check they are in fact a corporation and document why you chose not to report. Your best line of defense is always in starting with the W-9 and keeping the W-9 showing corporate status on file.
Right of Way Payment
I am paying a land (property right of way) payable to XYZ Irrevocable Trust. What is an Irrevocable Trust? Do I issue 1099-S?
Right of way payments...