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Updated almost 10 years ago,

User Stats

1,254
Posts
425
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Steven J.
  • Urbana, IL
425
Votes |
1,254
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Do I need to get a separate 1099 for my incomes?

Steven J.
  • Urbana, IL
Posted

I was part of a flip this last summer where I supplied some of the funds for purchasing materials. We agreed to do this as a loan at 10% but was a handshake agreement which was paid up. I was working as a contractor/project manager on this project and I've got a 1099 for taxes which includes payment for the labor, the repayment of the loaned funds and payment for the interest on the loaned funds.

How do I translate this into my taxes? Do I need a breakdown of what money was what? A good portion of total sum of the 1099 is to be used to pay off the credit cards I used this summer as the loan money. 

Further, what does the material I bought fall into as deductions?

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