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Tax form

Discussion in 'Trucker Taxes and Truck Financing' started by jimjam38, Feb 7, 2018.

  1. Feb 7, 2018 #1
    jimjam38

    jimjam38 Medium Load Member

    447
    72
    Nov 6, 2011
    chickasha, oklahoma
    0
    Bas I in 2015, I did a lease purchase with a company from March until May of 2016. Then. I went back to being a company driver. I received a 1099-misc from this company. I inquired about it and they said it was leftover debt from 2016 but the form is for 2017. I stopped working for them in 2016. So do I just include this with my wages on my taxes?
     
    jimjam38, Feb 7, 2018
    jimjam38, Feb 7, 2018
    #1
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  3. Feb 7, 2018 #2
    kemosabi49

    kemosabi49 Trucker Forum STAFF Staff Member

    10,011
    41,498
    Jan 13, 2013
    SW Arkansas
    0
    The year you worked at the company doesn't matter If the year they wrote off the debt you owed them was 2017, then yes you will have to include it as income. Talk to a tax guy that know truckers taxes.
     
    kemosabi49, Feb 7, 2018
    kemosabi49, Feb 7, 2018
    #2
    jimjam38 Thanks this.
  4. Feb 7, 2018 #3
    jimjam38

    jimjam38 Medium Load Member

    447
    72
    Nov 6, 2011
    chickasha, oklahoma
    0

    Thanks. I figured I needed to but wanted to make sure.
     
    jimjam38, Feb 7, 2018
    jimjam38, Feb 7, 2018
    #3
  5. Feb 24, 2018 #4
    JoelP

    JoelP Bobtail Member

    19
    23
    Jan 27, 2018
    0
    Did they send you 1099-MISC or 1099-C (Cancellation of Debt)? 1099-C has a couple exemptions that may be applicable.
     
    JoelP, Feb 24, 2018
    JoelP, Feb 24, 2018
    #4
  7. Feb 25, 2018 #5
    jimjam38

    jimjam38 Medium Load Member

    447
    72
    Nov 6, 2011
    chickasha, oklahoma
    0
    It was a misc.
     
    jimjam38, Feb 25, 2018
    jimjam38, Feb 25, 2018
    #5
  8. Feb 25, 2018 #6
    JoelP

    JoelP Bobtail Member

    19
    23
    Jan 27, 2018
    0
    Have your tax person review Form 982 and see if any of those will apply in your situation.

    If any of those apply, and it was indeed Cancellation of Debt (sounds like it was), you may haggle with them to see if they'll amend the 1099-MISC to 1099-C and file Form 982 to save some taxes.
     
    JoelP, Feb 25, 2018
    JoelP, Feb 25, 2018
    #6
    kenn2632 Thanks this.
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