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candacehosler
February 1, 2025
Question

I'm self-employed & received a 1099-misc for $ I received for a piece of equipment that was damaged. Is this taxable income?

  • February 1, 2025
  • 1 reply
  • 0 views
I have to report on Line 21 as Other Income but wondering if it's actually taxable income, as it's not earned income.

    1 reply

    S
    Shannon B1
    February 1, 2025

    Yes, $1 is taxable income. However, you typically won't receive a Form 1099-MISC for just $1. These forms are required only if you earn $10 or more in royalties or $600 or more in other types of income.

     

    If the damaged equipment was for your business, you maybe able to claim a loss when you dispose of it. This doesn't apply to personal items.

     

     

     

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