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Old 02-05-2019, 05:33 PM
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1099 Misc from mortgage company

I am a contractor and received a 1099 Misc. form from a customers mortgage company. I had a contract to do some work for a family on their home after the hurricane. We were both on the checks but they deposited them after I endorsed. Problem is I did not end up doing all the work to earn all the money. I actually only did about 15% of the work. They used the money to have other people do some work and they did some themselves (I think).

Should I simply send them a 1099 for the balance as they can offset the income from the costs to repair the home?



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Old 02-05-2019, 11:50 PM
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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



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Old 02-06-2019, 12:09 AM
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Originally Posted by Wnhough View Post
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?



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Old 02-07-2019, 11:01 PM
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Originally Posted by TommyG View Post
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?
then you just report it, $68K, as other income onyour Sch Cof 1040 to subtract it from your total income of $81K.



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Old 02-07-2019, 11:27 PM
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Originally Posted by TommyG View Post
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?
you may need brief explanation on your situation on Sch C of 1014 for Line 27:Other expenses



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Old 02-07-2019, 11:30 PM
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Thanks for the help! Really appreciate it.



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Old 02-08-2019, 06:19 AM
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Originally Posted by Wnhough View Post
then you just report it, $68K, as other income onyour Sch Cof 1040 to subtract it from your total income of $81K.
holy cow..my bad; NOT as other income but other expenses,line 27 on Sh C of 1040. orry forthe mistke



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Old 02-08-2019, 09:17 AM
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holy cow..my bad; NOT as other income but other expenses,line 27 on Sh C of 1040. orry forthe mistke
I kinda figured that was the case after I reread it

Thank you for the clarification



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