Posted by toolz on January 28, 2015 at 11:43:05 from (107.77.87.16):
In Reply to: strange 1099 question posted by fixerupper on January 27, 2015 at 10:01:37:
The 1099 was sent in error, weather the check was good or not. 1099 is for "non-employee compensation", meaning wages. You performed no work for them. They paid (or didn't) for an item you sold them. Can you send a 1099 to Walmart after buying gallon of milk? Same thing. 1099 can not be issued for a purchase. This has happened to me on several occasions when I sold automotive equipment, and mostly with government shops. My accountant told me to throw them away. I was already claiming income on the sale, and then have to claim the total sale price also?? No, it doesn't work that way. Make them fix it.
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