How/Can I report this lose?
I am an Independent Agent for a Trucking Company.
I am paid on commission. 7% of a Freight Bill.
I receive a 1099 each year.
Per my contract with the Trucking Company I can be held liable for all or part of a Freight Bill if the Customer does not pay his invoice.
I have a Customer that has not paid his invoice and the Trucking Company has decided that I am liable for the Freight Bill $14,000
The Trucking Company deducted $100 per week from my settlements for most of last year. (2009) $4000 was deducted. And will continue until the $14K is paid.
The 1099 that I received does include these "charges"
How can this be entered on my Schedule C ?
Thanks in advance.