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Get your taxes done using TurboTax
Amounts reported in box 7 of form 1099-MISC are considered as self-employed income.
You should report the whole amount of $6,500 as income, but you can deduct the amounts you paid out for the project as business expenses. And you will be taxed (income tax and self-employment tax) on the net amount after epenses.
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‎July 6, 2020
9:14 AM
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