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Correct code for rental income on 1042-S form
March 29, 2023
Q. Our organization has several payments to non-US vendors that we have classified as 1042-S reportable payments. Many of these payments are categorized as "rental" income. What is the correct income code on the 1042-S for payments such as these?
A.
(Answered by IOFM's third-party tax experts)
Income code 23 (Other income) is used on Form 1042-S for payments of rental of equipment, software, digital material, tangible property items, etc. (but not for real estate rent).
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