- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
The income reported to you does not appear to be compensation, as you are not required to perform services to receive it. Consequently, if anything it would be a gift that would not be taxable to you. It does seem that you are simply purchasing items at a discount which would not be associated with taxable income. It might be wise to report the Form 1099-Misc on your tax return and then enter a negative adjustment to other income to cancel out the income to avoid the IRS form inquiring about it though. This is how to enter the adjustment:
1. From the Federal menu in TurboTax find Wages and Income
2. Find Less Common Income
3. Choose Miscellaneous Income, 1099-A, 1099-C
4. Choose Other Reportable Income
5. Enter a description of the subtraction and the adjustment as a negative number
**Mark the post that answers your question by clicking on "Mark as Best Answer"