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
1 Answer from Attorneys
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.