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I received a 1099MISC form for providing care for my mother in my home, can I deduct the expenses associated (transportation, food, utilities, etc). If so, where do I enter the information?
April 14, 2021
2:34 PM
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Deductions & credits
No, you can't deduct expenses against income reported on Form 1099-MISC. You should report the income on line 21 of Form 1040. Please go to Federal Taxes>Wages & Income>Less Common Income>Miscellaneous Income>Other Reportable Income to report this income.
April 14, 2021
2:55 PM
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Deductions & credits
Hi, I found the answer and it does not agree with you answer to my question. Schedule E links the money reported on the 1099 MISC form to Schedule E. On Schedule E you can list expenses against the misc income.
April 15, 2021
1:32 PM
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Deductions & credits
Schedule E is for reporting income from rentals and royalties.
The 1099-MISC can be reported as one for for the 1099-MISC and a second entry to adjust for the expenses.
- Less Common Income
- Miscellaneous Income, 1099-A, 1099-C
- Other reportable income
To report the expenses associated with the 1099-MISC
- Less Common Income
- Miscellaneous Income, 1099-A, 1099-C
- Other reportable income
- Enter the 1099-MISC information, but in place of the amount you were paid, enter the amount of the expenses with a minus sign in front of the number and a description of adjustment for expenses for 1099-MISC.
April 15, 2021
1:50 PM