1099 for Assignment Fee? - Posted by wanabee

import · December 3, 2005, 2:50pm

Posted by Tom Irvin on November 23, 2007 at 10:31:50:

employer paid employee 75K in 2006. Income was not reported on w-2 for 2006. Employee paid taxes on the 75K as misc. income. Is the employer liable ? or in what instance can employer get away with this?

import · December 3, 2005, 2:50pm

Posted by wanabee on December 03, 2005 at 15:50:31:

Hello all-- If purchasing a property and deeding in a company name via an assignment, is a 1099 required from the Assignor??? What is the benefit (or non-benefit) of obtaining a 1099 for each party?? Thanks to all replies.

import · December 4, 2005, 7:03am

A 1099 is required for… - Posted by David Krulac

Posted by David Krulac on December 04, 2005 at 08:03:09:

individuals who get more than $600 in a year. If a corporation is doing the transcation then no 1099 is required.

import · December 4, 2005, 10:59am

Re: A 1099 is required for… - Posted by wanabee

Posted by wanabee on December 04, 2005 at 11:59:13:

Thanks David. In a case where I am the Assignor and receiving a fee (obviously over $600), would I be privy to issuing it? Is there a drawback for me to do so?

import · December 7, 2005, 5:12pm

Re: A 1099 is required for… - Posted by David Krulac

Posted by David Krulac on December 07, 2005 at 18:12:50:

if you are reciveing the fee over $600, a 1099 should be issued TO you, but often times is not.

It does not matter to you as it is taxable income whether 1099ed or not.

For the issuer neglecting to issue a 1099 can result in a fine from the IRS.