1099-misc

[RonSequoia]

Hi,

I had some warranty work done by a mobile RV service which I paid for and was reimbursed by Keystone. I have now received a 1099-MISC from Keystone for the amount of reimbursement. Has anyone else has this happen and if so how do you handle it when preparing your taxes?

[travelin' texans]

Originally Posted by RonSequoia

Hi,

I had some warranty work done by a mobile RV service which I paid for and was reimbursed by Keystone. I have now received a 1099-MISC from Keystone for the amount of reimbursement. Has anyone else has this happen and if so how do you handle it when preparing your taxes?

I had 2-3 seperate reimbursements for parts I paid for & installed back before Keystone & never once got a 1099.
I would be calling someone at Keystone to find out "wassup", you didn't earn the money so should not go on your taxes as taxable income.
I would think if anyone got the 1099 it should've been the mobil tech.
But I'm no tax person or CPA, just my .02 cents.

[BasilFawlty]

I received the same. But no problems. Your cost is the same as the reimbursement so my accountant said tax effect zero.

[brad chilton]

But do we need to report on taxes? Nothing on 1099 says it reimbursement , just looks like additional income that needs to be reported ...i recd one as well , but in your senario of “ its a wash”, what if the reimbursement didn’t cover the full cost , do we get to write off the difference .... of course not unless its a business...

[BasilFawlty]

I have no clue. What I know is if a company inside the US is paying someone more than $600 in one year it has to be reported to the IRS to avoid tax fraud.

[travelin' texans]

Originally Posted by BasilFawlty

I have no clue. What I know is if a company inside the US is paying someone more than $600 in one year it has to be reported to the IRS to avoid tax fraud.

But they haven't PAID you anything, they've "reimbursed" your monies!! So I'd have to agree that if they didn't PAY you the full amount you should be able to claim a loss.