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Investors & landlords
Correct. My gut instinct is to add the sum of all payments and reimbursements for this lawyer to Schedule E, line 10 and then 1099 this amount if over $600 which will be equivalent to my out of pocket portion. Then have my bank statements handy to explain to the IRS if I'm audited as to what the deposits were for.
This new law of the bank reporting all deposits over a few hundred bucks really is an overreach.
‎August 26, 2024
7:24 AM