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1042-S reporting for cross-border rail services
March 3, 2023
Q. We lease rail cars that are used for freight (moving product that is being resold). The company we lease from is in Canada and our company that leases the rail cars is in Canada, not the US. However, sometimes those rail cars do travel over the boarder throughout both countries. Is the lease payment reportable on 1042-S or any other reporting?
A.
(Answered by IOFM's third-party tax experts)
Yes. See IRS Publication 515 at https://www.irs.gov/pub/irs-pdf/p515.pdf for explanation of Canada…
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