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Old 03-12-2008, 08:49 PM
D. Stussy
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Default Re: 1099 Question

"Harlan Lunsford" <hnslunsford[at]bellsouth.net> wrote in message
news:twCBj.2671$Q52.589[at]bignews9.bellsouth.net...
- quote -

> Roxie wrote:
> > Hello....I have a 1099 for income less than $6000 as a result of a
> > small part-time business. The business entity is partnership and I
> > am general partner. Is it possible to claim this as income on my
> > personal return and void the FEIN? My partner is amenable to whatever
> > I would like to do. We sold antiques through an antique mall and
> > would probably be decalred a "hobby" . Any help greatly appreciated.
> > Is this 1099 for income received as a result of partnership activity?

> Or was it from your own separate business activity?
> If the former, then the proceeds went into the partnership bank account,
> right?
> And if the latter, it has nothing whatsoever to do with partnership,
> and you report it on your own 1040 AND pay se tax if applicable.


Adding to this, if the money was partnership income, then how did they get
your SSN instead of the partnership's EIN? Something tells me that this was
individual income to begin with....

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >
 
Old 03-11-2008, 08:07 PM
Harlan Lunsford
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Default Re: 1099 Question

Roxie wrote:
- quote -

> Hello....I have a 1099 for income less than $6000 as a result of a
> small part-time business. The business entity is partnership and I
> am general partner. Is it possible to claim this as income on my
> personal return and void the FEIN? My partner is amenable to whatever
> I would like to do. We sold antiques through an antique mall and
> would probably be decalred a "hobby" . Any help greatly appreciated.

Is this 1099 for income received as a result of partnership activity?
Or was it from your own separate business activity?

If the former, then the proceeds went into the partnership bank account,
right?

And if the latter, it has nothing whatsoever to do with partnership,
and you report it on your own 1040 AND pay se tax if applicable.

ChEAr$,
Harlan Lunsford, EA n LA

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >
  #-1  
Old 03-11-2008, 04:32 PM
Roxie
Guest
 
Posts: n/a
Default 1099 Question

Hello....I have a 1099 for income less than $6000 as a result of a
small part-time business. The business entity is partnership and I
am general partner. Is it possible to claim this as income on my
personal return and void the FEIN? My partner is amenable to whatever
I would like to do. We sold antiques through an antique mall and
would probably be decalred a "hobby" . Any help greatly appreciated.

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >
 

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