Hey everyone. I've been out of the DIY scene since about May.
Since I've started, I intended on paying my taxes from DIY by treating it as miscellaneous income.
I kept a record of every penny I acquired since I started and from what sites. So whats the problem? These 1099's to be sent out by the companies.
In May I moved across the state, and I never had my mail forwarded since the only mail coming in was DIY stuff. So now, whenever the 1099 is sent from DIY sites, it will go to my old address and I will never see it.
My question is, do I actually NEED the 1099 form if I know exactly how much money I received from each company? Or should I be good if I report the amount I have received. I figured from the IRS's perspective as long as the misc. income reported equals the sum of all 1099's under my name, they are happy.
And yea, I know, I know...I should seek legal advice from accountants. But I do my own taxes so advice=expense. I'll sacrifice quality for discount.
(And BTW, Hows the DIY scene doin? Last I saw in May it was flooded with sites asking for ridiculous amounts of offers completed heh).
As always, THANKS!
Did you file a change of address form, or whatever it's called. I believe that would help in getting your mail to you, though I'm not sure. Secondly, I wouldn't file taxes on freebies unless the freebie companies report it. If you filled out a W-9 before receiving the freebies in question, then I would file, but I certainly wouldn't report EVERY freebie (unless you had to complete the W-9). It isn't necessary.
I'd say if you can say with 100% certainty that you know the income you gained from sites that required a W-9, you are totally safe with just reporting that income. You don't turn your 1099s in with your taxes, so you should be okay.