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Reimbursed business expenses reportable on Schedule C? |
I received a 1099-misc for consulting work I did - it shows up as $1000 for nonemployee compensation (Box 7). However I was paid about $2200. $1200 for for airfare/hotel etc (I sent in my receipts to them) plus the $1000 for my services. Would I only enter the $1000 on Schedule C, or put in the entire $2200 plus expenses? Enter only the $1000 as they reported to the IRS. Your client already took the airfare/hotel expense as an offset against their reportable income on their tax return (or will when they file it). They reimbursed you for it so you are not really out-of-pocket. |
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