Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 01-30-2011, 04:46 PM
Junior Member
 
Join Date: Jan 2011
Posts: 1
1099 MISC loan proceeds

I am a self employed construction contractor. I received a 1099-MISC from a Bank for an amount that I did not receive. The homeowner received all the funds and paid all contracotrs, me included. Unfortuneately, the checks were made out to both the homeowners and myself which I signed so they could deposit. The used the funds to purchase materials for the renovation and pay all contractors, me included. How do I report this? I do not feel I should report the entire amount since I did not receive it.



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 received for insurance claim proceeds kelly729 Income 4 02-01-2011 02:50 PM
1099-Misc mroach Income 1 01-20-2011 01:09 AM
1099-misc fuzzybritches15 S-Corporation 0 10-20-2010 06:55 PM
Proceeds from investment of company and 1099-Misc HT2010 Income 0 02-17-2010 04:14 PM
Student Loan Repayment reported on 1099. Two years on 2008... TX Ciclista Income 0 01-29-2009 08:57 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