Discussion:1099-C for business expenses
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Discussion Forum Index --> Tax Questions --> 1099-C for business expenses
| 22 March 2007 | |
| Client received a 1099-C for credit card debt cancellation - 13,000. Credit card was in personal name but used entirely for business 100% owned by client (C Corp. Can they report and then "offset/deduct the $13,000 in 1099-C income and then report the income on their 1120 S. Will IRS accept this? Makes big difference -- would owe 4K on personal but business has big losses. Thank you. RichCPA; rich@alscpa.com | |
| 23 March 2007 | |
| If the credit card is used 100% for business then I think he can show this as income in the c Corp. | |
| 23 March 2007 | |
| 1) What was the balancing side of the transaction when you entered the expenses on the C Corp books purchased via the credit card?
2) Whose SSN/EIN is on the 1099-C? | |
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