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Old 11-03-2014, 10:45 AM
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1099

I HAD TO GIVE(or she took) an ex girlfriend a large amount of cash when she moved out. She claims for half her equity in my house. We were not married she didn't work. Can I issue a 1099? Can I deduct the payment?



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Old 11-04-2014, 07:50 AM
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Originally Posted by gataxpayer View Post
I HAD TO GIVE(or she took) an ex girlfriend a large amount of cash when she moved out. She claims for half her equity in my house. We were not married she didn't work. Can I issue a 1099? Can I deduct the payment?

Can I issue a 1099?======no;in general, the IRS defines the rules for issuing 1099 forms to people your small business pays for services, work or royalties.1099 is for people who are not employees, but who have completed work for you or to whom you have paid money, the form provides them and the IRS information on the total paid during the calendar year.


Can I deduct the payment?=========No; business expenses are usually deductible if the business is operated to make a profit;aslongas it is treated as a gift for her and the amount exceeds $14K, then you must file form 709 on your fed return.



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Old 11-04-2014, 07:56 AM
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709

IF I FILE 709 how will it affect her? Yes it was well over 14k



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