Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 03-20-2010, 01:07 AM
Junior Member
 
Join Date: Mar 2010
Posts: 1
Gift Reported on 1099 Misc

I received a large gift in the form of a cashier's check from a principal of a company I was under contract for (doing some consulting). The check was given as a gift and is documented as such in our email correspondence.

Because we were involved in a relationship that ended, he has chosen to report it as 1099 income, presumably to avoid dealing with tax issues on his part.

I have requested that it be corrected, but have not received a response.

I would assume that since he would owe taxes on the gift, he is choosing to show it as compensation so he can deduct it from his personal taxes. It was reported on the 1099 as paid by the company, but was paid through his personal account.

If he refuses to correct it, is there any recourse with the IRS, and if I do pursue that, could he be implicated in tax fraud?

I do not want to hurt him, but this is tens of thousands of dollars and he managed how it was spent during the time we were together. (I was paid separately for my contract work and did provide invoices for all work performed.) Now that I ended our relationship, he has made many efforts to get back at me and this is apparently his latest tactic.

The 1099 was due back in February, but I have reason to believe (and correspondence to back up) that he was waiting to see if we would get back together before reporting it.

Again, the money was clearly a gift, which at one point he wanted me to pay back and later told me to keep because he loved me, so at best, he could call it a loan, but it was definitely not compensation.

Just wondering what to do now.

Thanks.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
1099-Misc help please!!! emlila822 Income 0 02-12-2010 01:12 PM
1099-misc jmecooper Income 1 02-12-2009 06:20 PM
Student Loan Repayment reported on 1099. Two years on 2008... TX Ciclista Income 0 01-29-2009 08:57 PM
1099 Income not reported on correct year amazonas Income 1 01-24-2009 09:04 PM
1099-misc Jaduexclens Income 1 02-22-2008 07:23 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning