Legal Question in Tax Law in California

Do I need to have a business if I receive a 1099-misc form?

Hello Gurus,

I helped a real estate agent to close a deal. So he paid me for the work I did. He has sent me a 1099-misc form with an amount on box 7 ''non-employee compensation''.

When I use Turbo tax to do my tax, it tells me that I need to give a business name for MY business and possibly fill out schedule C. I dont run a business..this was help I did in my free time...

What do I do now? Do I have to have a business name & what else? :-)

Thanks in advance,

RK


Asked on 2/20/05, 10:26 pm

1 Answer from Attorneys
Ken Koenen Koenen & Tokunaga, P.C.

Re: Do I need to have a business if I receive a 1099-misc form?

First of all, if you are not a licensed real estate agent or unless you operate a business as an independant contractor, you would probably be considered and employee.

That being said, your "business name" could be just your name.

Read more
Answered on 2/21/05, 12:33 pm


Related Questions & Answers

More Tax and Taxation Law questions and answers in California