No, you can not claim Fair Market Value instead of what is stated on the 1099-Misc being provided to you. However, as an independent contractor, you are able to claim your business expenses that you incurred through out the year. See Publication 334 - Business Expense.
To find where to enter your business income and expenses in TurboTax follow these steps:
- Select Search in the top left of your screen,
- Click Go to Schedule C,
- Click Add another line of work,
- Answer the questions.
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