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kittymacabre
New Member

I received a 1099-MISC after working for a repo company but I do not own the business. How do I report this correctly?

I worked for an auto repossession company and received an amount in box 7 on a 1099-MISC. I do not own the business I worked for. The schedule C section is asking me questions about MY business as if I owned it, but I don't. How do I fix this?

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Accepted Solutions
MinhT
Expert Alumni

I received a 1099-MISC after working for a repo company but I do not own the business. How do I report this correctly?

You are considered by the IRS as self-employed. Your business is doing repossession for the auto repossession company. When TurboTax asks questions about your business, it is not asking about that company, but about the business you are conducting. You can use your name as the business name.

If you have expenses related to the income reported on form 1099-MISC, you can claim them on Schedule C.

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1 Reply
MinhT
Expert Alumni

I received a 1099-MISC after working for a repo company but I do not own the business. How do I report this correctly?

You are considered by the IRS as self-employed. Your business is doing repossession for the auto repossession company. When TurboTax asks questions about your business, it is not asking about that company, but about the business you are conducting. You can use your name as the business name.

If you have expenses related to the income reported on form 1099-MISC, you can claim them on Schedule C.

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