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View Full Version : Received 1099-misc in error


coats
Feb 18, 2011, 10:06 AM
Received a 1099-Misc for product that I sold to this company. They say because I am a LLC, they have to send a 1099-Misc. they will not listen to me. What do I do?

smoothy
Feb 18, 2011, 11:05 AM
Thank Obama for that... there has to be a 1099 generated for every sale or service in excess of $600. Pivate individual, LLC, or Big Corporation.

Fr_Chuck
Feb 18, 2011, 11:34 AM
No it is no error, if you provide a product or service to a company they are required to provide you a 1099.

Since you sold it to them, you merely ( as you were planning on anyway I am sure) you report that income, then use your cost of the product as a deduction and your other cost of business and the sale of that idea.

And of course if you purchased the item somewhere you should also have to provide them a 1099 on it to require them to report it.

Yes, new tax changes to be sure the evil companies are not cheating on their taxes.