1099 Deduction Question

Forum|Forum|2 years ago
March 11, 2024
5 replies
27 views

I did some work as an independent contractor a couple years ago. From that, I continue to receive 1099 Income, but I am no longer an independent contractor. Are there any business deductions or home office deductions that I can still take advantage of?

Not A Product Question

Opus 17

Level 15

Can you explain more? If you are receiving royalties or a commission, but are not currently performing "work", your income may be able to be taxed differently than on schedule C.

canda819Author

Level 2

Thank you for responding.

As an independent contractor, I sold a company's service that is billed monthly. I get a commission on that monthly payment as long as the customer continues with the service. I receive a 1099-NEC. I do not perform any independent contracting "work" anymore, but I continue to receive these residual payments.

JohnB5677

Level 15

Please clarify your question.

What do you mean by "sold a company's service"?
- Was this an outside contracting firm that hired you?
- Was this your business?
- Was this an individual company that directly contracted you as an independent worker?
Why are they paying you?
- If they contact you will you provide the service?
- Do you still do this type of work?
In general, why are you being paid for?

Please contact us again, and provide some additional details.

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