I file Sched. C for my antique/resale biz & rent a booth from a man who also files Sched. C. I get a credit on rent for working a shift. What $ do I put on his 1099?

[MinhT · Accepted solution]

If the credit you received is a reduction on the rental fee you paid, then you report on his 1099-MISC the net rental fee paid (normal rent minus the credit).

If the credit is given to you by someone else, you report the gross rental fee you paid on his 1099-MISC and report the credit as a business income on your Schedule C..

[joannlivingston]

Do I have to report the credit as income? No cash swaps hands. I give five hours of time once a month for the rent credit.

[MinhT]

In this case, there is no income to report for the so-called credit.

[joannlivingston]

Thank you!