I received a 1099-MISC that contains income on box 1 for tool rentals and box 7 for bonuses and incentives

daveandcarol2114 — Thu, 06 Jun 2019 05:27:40 GMT

I posted this question earlier and accidentally put box 2 instead of box 1 for amount that I was paid for tool rentals. I need to know how to input this information correctly

Use the steps below to enter another 1099-MISC onto your...

Coleen3 — Thu, 06 Jun 2019 05:27:41 GMT

Use the steps below to enter another 1099-MISC onto your Schedule C.

To Enter Form 1099-MISC:

1. Select "Business" at the top of the screen

2. Choose "Continue", then "I'll choose what I work on"

3. Select "Start" next to "Business Income and Expenses"

4. Select "Edit" next to your business name

5. Scroll down to “Business Income” and select “Start”

6. Now select "Start/Update" next to "1099-MISC Income"

7. Select "+Add Another 1099-MISC”

Rents From Personal Property If you rent out personal property, such as equipment or vehicles, how you report your income and expenses is in most cases determined by: Whether or not the rental activity is a business, and Whether or not the rental activity is conducted for profit. In most cases, if your primary purpose is income or profit and you are involved in the rental activity with continuity and regularity, your rental activity is a business. See Pub. 535, for details on deducting expenses for both business and notforprofit activities. Reporting business income and expenses. If you are in the business of renting personal property, report your income and expenses on Schedule C (Form 1040) or Schedule CEZ (Form 1040). The form instructions have information on how to complete them.

Reporting nonbusiness income. If you aren't in the business of renting personal property, report your rental income on Form 1040, line 21. List the type and amount of the income on the dotted line next to line 21. Reporting nonbusiness expenses. If you rent personal property for profit, include your rental expenses in the total amount you enter on Form 1040, line 36. Also, enter the amount and “PPR” on the dotted line next to line 36. If you don't rent personal property for profit, your deductions are limited and you can't report a loss to offset other income. See Activity not for profit under Other Income, later.

https://www.irs.gov/pub/irs-pdf/p525.pdf

topic I received a 1099-MISC that contains income on box 1 for tool rentals and box 7 for bonuses and incentives in Get your taxes done using TurboTax

I received a 1099-MISC that contains income on box 1 for tool rentals and box 7 for bonuses and incentives

Use the steps below to enter another 1099-MISC onto your...