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Issued a 1099 to a repairman for 1 job - do I deduct it in Repairs or put it in Compensation as a 1099, or both?
With the new rules, my small business had to issue a 1099 to a repairman for one day of work, because it was over $600 and he's a sole proprietor, not a corporation. TurboTax business asks for 1099s issued in the Compensation section, but shouldn't this be counted as a repair expense instead? Will putting it in both places double count the expense?
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posted
3 weeks ago
last updated
September 11, 2023
12:25 AM
2 Replies
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Issued a 1099 to a repairman for 1 job - do I deduct it in Repairs or put it in Compensation as a 1099, or both?
enter as a repair. you can only deduct the expense once so putting in two categories would result of it being deducted twice which is frowned upon by the IRS and courts.
3 weeks ago
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Issued a 1099 to a repairman for 1 job - do I deduct it in Repairs or put it in Compensation as a 1099, or both?
Either place would be acceptable just don't enter it twice. Put it where is works best for you to aline with your bookkeeping records.
3 weeks ago
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