Discussion:Insurance w/1099 less than $400 and strong business loss per 2006 can we use the 1099?
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Discussion Forum Index --> Tax Questions --> Insurance w/1099 less than $400 and strong business loss per 2006 can we use the 1099?
| 9 February 2007 | |
| Hello All,
Appreciate the feedback I must say the info from you definetly helps keep our business floating. Here's the ? an Insurance agent started selling in Oct/2006? and only rec'd not to exceed $300 of 1099 self emp. And has about $1000 losses, therefore creating a loss per Sch C to 1040. Because he had less than $400 sales will the insurance company issue a 1099, according to ins company all 1099's have been issued, except his, can we still report "income" as a loss for tax year 2006? Thanks for your time!!!!!!! | |
| 9 February 2007 | |
| 1099 has little to do with his income. 1099 is process by which payers report to IRS the amounts paid. Payee is supposed to report all income whether 1099 issued or not. | |
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