topic How do I account for income that I received a 1099misc for that is also included in my K1 from the partnership my wife and I own 50/50? in Business & farm

How do I account for income that I received a 1099misc for that is also included in my K1 from the partnership my wife and I own 50/50?

notmichaelb — Wed, 15 Jul 2020 20:30:09 GMT

The income from the K1 is overstated by the amount of this 1099misc

Re: How do I account for income that I received a 1099misc for that is also included in my K1 from the partnership my wife and I own 50/50?

AmeliesUncle — Wed, 15 Jul 2020 20:50:39 GMT

Who issued you the 1099-MISC? Was it the Partnership? Or was it a client/customer of the Partnership? Or something else?

Re: How do I account for income that I received a 1099misc for that is also included in my K1 from the partnership my wife and I own 50/50?

notmichaelb — Wed, 15 Jul 2020 20:54:38 GMT

It was issued by the real estate brokerage that I was paid real estate commissions from. The income is reported as revenue by our LLC and is reflected already in the income that our accountant used for our K1's

Re: How do I account for income that I received a 1099misc for that is also included in my K1 from the partnership my wife and I own 50/50?

AmeliesUncle — Wed, 15 Jul 2020 20:59:53 GMT

If YOU were paid the commission, it should not be on the Partnership return.

If the Partnership was paid the commission, the broker should have sent the 1099-MISC to the Partnership, not you.

If you incorrectly received a 1099-MISC for work done by the Partnership, you should report it as income, then enter an equal expense as "Nominee Income", which will result in $0 gain/loss. And as the Nominee, you are probably required to send a 1099-MISC to your Partnership.