Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 06-02-2010, 10:37 AM
Junior Member
 
Join Date: Jun 2010
Posts: 1
1099-Misc reimbursement

I was reimbursed for a computer I purchased for business use and used my credit card for. The amount was included as income on my 1099-Misc. When I am done working for the client does that computer belong to me or the client? It was an approved expense by the client and I deducted it on my taxes.

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
  #2 (permalink)  
Old 06-03-2010, 10:01 AM
TaxGuru's Avatar
Tax Guru
 
Join Date: Jan 2007
Location: New Jersey, USA
Posts: 2,417
Blog Entries: 3
Since, the company included the reimbursement as income on your 1099-Misc, then clearly this computer is your property! Effectively, it would seem that you atcually paid for the computer. Thus, after you are done working for your client, the computer is yours.

Also, you were correct in deducting the computer on your tax return. I am hoping you claimed the section 179 deduction for the acquistion cost of the computer and deducted this entire amount on your tax return.

__________________
Find a CPA near you!

Ask TaxGuru Please refer to the legal disclaimer.


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 kfloyd Income 0 04-14-2010 10:16 AM
1099-Misc help please!!! emlila822 Income 0 02-12-2010 01:12 PM
1099 Misc jewels Filing Requirements 0 04-03-2009 07:50 PM
1099 misc? lehman09 Income 1 01-30-2009 12:16 PM
Include Travel Reimbursement to 1099 for Directors? tracinda2000 C-Corporation 1 01-23-2009 10:51 AM

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
 
 
 

» Recent Tax Q&A
No Threads to Display.