Client received a 1099-misc with income that the client states is not accurate

Collapse
X
Collapse
 
  • Page of 2
  • Time
  • Show
Clear All
new posts
Previous 1 2 template Next
  • JenMO
    Senior Member
    • Apr 2007
    • 974
    #16
    Thanks for all the suggestions.

      Comment

      • mactoolsix
        Senior Member
        • Apr 2009
        • 544
        #17
        Originally posted by taxea
        If you wait for an IRS letter there will be penalties and interest for failure to report. It is better to report the 1099 with the amount on it, then make an adjustment with a detailed statement explaining the error.
        I agree: Form instructions:

        Form 1099-MISC incorrect? If this form is incorrect or has been issued in error,
        contact the payer. If you cannot get this form corrected, attach an explanation to your
        tax return and report your income correctly.

          Comment

          • Super Mom
            Senior Member
            • Jun 2007
            • 1151
            #18
            Originally posted by Burke
            I still don't get it. You DO NOT report rent as income if you don't receive it. Client should demand that renter adjust the 1099 and document it.
            I agree with Burke on this one!!

              Comment

              Previous 1 2 template Next

              Disclaimer

              Collapse

              This message board allows participants to freely exchange ideas and opinions on areas concerning taxes. The comments posted are the opinions of participants and not that of Tax Materials, Inc. We make no claim as to the accuracy of the information and will not be held liable for any damages caused by using such information. Tax Materials, Inc. reserves the right to delete or modify inappropriate postings.

              Working...