Originally Posted by Wnhough
Should I simply send them a 1099 for the balance as they can offset the income from the costs to repair the home?==============>>no. they send a 1099 to you,you do not send them a 1099. I mean aslongas you provide them with your service,they send you a 1099 basically, IRS requires any person or biz that makes certain types of payments to report them on a 1099-MISC to the recipient and the IRS;as you can see, the 1099-MISC form reports the total amount of payments you receive from a single person or entity during the year you've provided services to them. so
Thanks for the reply. I don?t think I was clear in my original post.
I received a 1099 with my name AND the homeowners names on the form. The amount was 81,000. I did 13,000 of work. The homeowners got the balance of the money. How do I account for the 68,000 that I didn?t actually receive?