I received admission to a concert for 2 people that included a suite seat. The price shown on 1099-MISC shows $845. Do I pay taxes on that total or can that be adjusted?
I received admission to a concert for 2 people that included a suite seat. The price shown on 1099-MISC shows $845. Do I pay taxes on that total or can that be adjusted?
Most likely you have to pay taxes on the entire income. I assume this was associated with salary employment, work for which your compensation is reported on a W-2 form. If so, you cannot deduct anything associated with the income. If you are self-employed the income may be able to be treated as self-employment income if associated with your work, in which case you can deduct any expenses associated with it that are ordinary and necessary for the generation of your business income. If it is not associated with your work or employment, if is fully taxable unless you can prove that it was a gift, in which case it would not be taxable. A gift is something given to you for which nothing in return is expected.
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