JohnB5677
Expert Alumni

Self employed

Yes,  If your rent was not included in the income reported on the 1099, you will not deduct it!

 

If your 1099 was for the full amount, including the rent, you would be able to deduct it.  

 

The net tax result is exactly the same.

 

For example: You actually earned $52,000

 

1099 with $12,000 rent deducted:

  • 1099 shows $30,000
  • Taxable amount is $30,000

1099 with rent included.

  • 1099 shows $52,000
  • Rent deduction of $12,000
  • Taxable amount is $30,000

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post