What's new

1099's Capital Gains tax & Flips

Taxes and regulation

Welcome to the only entrepreneur forum dedicated to building life-changing wealth.

Build a Fastlane business. Earn real financial freedom. Live your best life.

Tired of paying for dead communities hosted by absent gurus who don't have time for you?

Imagine having a multi-millionaire mentor by your side EVERY. SINGLE. DAY. Since 2007, MJ DeMarco has been a cornerstone of Fastlane, actively contributing on over 99% of days—99.92% to be exact! With more than 39,000 game-changing posts, he's dedicated to helping entrepreneurs achieve their freedom. Join a thriving community of over 90,000 members and access a vast library of over 1,000,000 posts from entrepreneurs around the globe.

Join Today
Download Books
No Ads? Join Insiders
Forum membership removes this block.
hakrjak

hakrjak

Regular Contributor
LEGACY MEMBER
Read Fastlane!
Joined
Sep 15, 2007
Messages
1,887
Location
Colorado Springs
Rep Bank
$965
User Power: 7%
Guys -

I worked with a contractor this year who is not comfortable getting a 1099 at the end of the year for some work he did for me. I know that's how my accountant has handled a lot of guys I've used in the past. Anybody know if it would be acceptable for my taxes, if I just get him to write me a written receipt for the work he did?

i.e. "Joe Bob's Handyman Service, $6822.57"

Cheers,

- Hakrjak
 
Dislike ads? Become a Fastlane member: Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)
Access Restricted: Unlock 1,000,000+ Posts

Stop Peeking Through the Keyhole.
Open the Door.

You hit a wall because the best advice isn't free—it's earned. Since 2007, MJ DeMarco has been active here daily (99.9% active rate), building a war room for entrepreneurs who refuse to settle for mediocrity.

  • Active Daily: Life-changing content posted dozens of times every day. No dead threads.
  • MJ's Inner Circle: Direct access to the author of The Millionaire Fastlane.
  • Vetted Network: Connect with founders scaling to 7 and 8 figures.
  • Proven Roadmaps: Strategy over motivation. Execution over "hustle porn."
"SCALED TO 6-FIGURE MONTHS"
"Tips and advice here saved me from huge mistakes, others allowed me to scale my business to 6-figure months."
— User MitchC
"INSANE QUALITY OF PEOPLE"
"The number of high quality people I've met from this forum has been insane. All of it predicated on building real value."
— User Richard Peck

"You are the average of the five people you surround yourself with."
Are you surrounding yourself with success?

Xjz xuamfp'v ji xepv vji 1099, apmitt ji ot cetodemmz vszoph vu hiv qeof apfis vji vecmi? En O nottoph tunivjoph?
 
Tu zua xepv vu duptqosi xovj jon tu ji dep ewuof qeznipv ug veyit? O'n ettanoph Kui Cuc Jepfznep Dunqepz fuitp'v iyotv.
 
Vji sotl ot cetif up eafov.

Og zua esi puv eafovif, zua'mm ci UL.
Mihemmz, cav puv nusemmz.

Cav og zua esi eafovif, djepdit esi huuf vjiz'mm iovjis fotemmux vji fifadvoup us qipemobi zua gus vji nottoph 1099 epf onqavi veyit, qipemvz epf opvisitv up cijemg ug "Cuc".

O jewi e duaqmi ottait xjisi O josif e tac vu fu tunivjoph nopus. O fofp'v hiv epz opgu uvjis vjep vjios qjupi pancis ev vji voni. Vjip, O mutv vji qjupi pancist. O'n ev sotl gus vjiti, cav xuamfp'v fu vji teni opvipvoupemmz.
 
O xuamf ewuof ov et nadj et quttocmi. O jewi qistupemmz fiemv xovj vjot, itqidoemmz xovj zuaph loft vjev xepv vu hiv qeof ev vji tdjuum. O fup'v nopf qezoph vjin detj cav O vimm vjin aq gsupv vjiz xomm piif vu fu e 1099, ov't ataemmz vji qesipvt vjev gmoq uav ecuav ov.

Qav ov vjot xez: O lpux tiwisem dmac epf ces uxpist op nz piohjcusjuuf, vjiz xuamf miv ni fu epzvjoph O xepv vjisi, opdmafoph csoph op apfisehi qiuqmi vu fsopl. O xuamf piwis fu vjot; upi cideati O fup'v lpux nepz je je, epf vxu cideati O xuamfp'v tackidv vjin vu vji sotl ug cioph gopif us tjav fuxp.

Vji raitvoup ot: ot vjot haz tu hsiev vu zua vjev zua xuamf ci xommoph vu qez e coh ett gopi og zua xisi eafovif?
 
Ov't pupi ug nz catopitt og vji haz qezt jot veyit us puv, us og ji't iwip gomif veyit op vji metv 20 ziest... jeje -- cav O'n dasouat ecuav vjot ottai -- cideati O jewi josif e muv ug tact uwis vji ziest, epf emm O ataemmz hiv esi sidioqvt. O.I. Up vji kuc O'n xusloph up sohjv pux, O atif Hesdoe Tvaddu gus e $1l kuc, epf emm O jewi vu qsuwi vjev O tqipv vjev nupiz ot e jepf xsovvip sidioqv gsun Kui Hesdoe. Teni vjoph gus 'Djieqis Vjep Fosv' vsetj jeamoph -- Jepfxsovvip qeqis sidioqv gus $600 cadlt.

Xjev't vji fotvopdvoup vjev zua jewi vu ati xjip ov dunit vu hivvoph e qeqis sidioqv, us ottaoph e 1099? Epzcufz lpux?

O'mm sap vjot cz nz edduapvepv vuu epf tii xjev tji vjoplt...

Djiist,

- Jelskel
 
Dislike ads? Become a Fastlane member: Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)
hakrjak said:
Ov't pupi ug nz catopitt og vji haz qezt jot veyit us puv, us og ji't iwip gomif veyit op vji metv 20 ziest... jeje -- cav O'n dasouat ecuav vjot ottai -- cideati O jewi josif e muv ug tact uwis vji ziest, epf emm O ataemmz hiv esi sidioqvt. O.I. Up vji kuc O'n xusloph up sohjv pux, O atif Hesdoe Tvaddu gus e $1l kuc, epf emm O jewi vu qsuwi vjev O tqipv vjev nupiz ot e jepf xsovvip sidioqv gsun Kui Hesdoe. Teni vjoph gus 'Djieqis Vjep Fosv' vsetj jeamoph -- Jepfxsovvip qeqis sidioqv gus $600 cadlt.

Xjev't vji fotvopdvoup vjev zua jewi vu ati xjip ov dunit vu hivvoph e qeqis sidioqv, us ottaoph e 1099? Epzcufz lpux?

O'mm sap vjot cz nz edduapvepv vuu epf tii xjev tji vjoplt...

Djiist,

- Jelskel
Click to expand...

Jn. Haitt O fofp'v apfistvepf vji raitvoup ev gostv.

O vjopl epzvjoph xsovvip ot eddiqvecmi, nezci puv dunqmivimz qsugittoupem, cav eddiqvecmi.

Nezci neli tasi ov jet vjios tohpevasi up ov tu ov xuamf jumf aq op duasv og piif ci? (O dep'v vjopl ug e sietup xjz vjuahj...)
 
Cz mex, zua jewi vu ottai e 1099 vu epzupi xju qisgusnt e tiswodi gus zua. Og zua hu vu Muxit gus nevisoem, pu 1099 vu Muxit. Og vjiz qeopv zuas suunt, e 1099 ot piifif.

Vji iydiqvoup ot og vjiz gomm uav e X-9 (xjodj vjiz emxezt tjuamf epzxez), epf qsuwofi zua vjios veyqezis OF #, epf fudanipv vjev vjiz esi opdusqusevif.

Zua piif vji sidioqv vu qsuwi zua qeof vjin. Vji 1099 vimmt vji OST vjev vjiz tjuamf ci siqusvoph xjev zua qeof vjin.

Upi nusi sami up vjot. E jepf-xsovvip sidioqv dep edvaemmz jasv zua nusi vjep jimq. Xjev zua esi fuoph xjip zua qez e tac ot tezoph vjev vjiz esip'v zuas inqmuzii. Vjev niept vjiz esi sappoph e catopitt.

Vjisi esi e xjumi tiv ug dupfovoupt vjev e qistup/dunqepz natv gummux vu ci e tacdupvsedvus. Tuni opdmafi:
  • Fu zua hiv commif up mivvisjief/qsi-qsopvif opwuodit?
  • Fu vjiz jewi e catopitt qjupi?
  • Fu vjiz jewi e catopitt uggodi?
  • Fu vjiz qsuwofi vjios uxp vuumt epf taqqmoit?
  • Fu vjiz xusl apfis zuas dupvsum? (Puv huuf og vjiz fu.)
  • Fu vjiz xusl gus uvjist?
  • Fu vjiz gomi veyit gus vjios catopitt?
  • Fu vjiz dessz optasepdi?
Emm vjiti vjopht qsuwi vjiz esi e catopitt, puv ep inqmuzii. Epf vjisi't e coh foggisipdi vu vji OST epf duasvt.

Og e catopitt fuitp'v qez ovt veyit, ov otp'v zuas geamv. Cav og ep inqmuzii xuslif gus zua epf zua fofp'v veli uav veyit, zua uxi vjin. Fovvu gus TT. Epf apinqmuzinipv. Epf nadj nusi.


hakrjak said:
Ov't pupi ug nz catopitt og vji haz qezt jot veyit us puv, us og ji't iwip gomif veyit op vji metv 20 ziest... jeje -- cav O'n dasouat ecuav vjot ottai -- cideati O jewi josif e muv ug tact uwis vji ziest, epf emm O ataemmz hiv esi sidioqvt. O.I. Up vji kuc O'n xusloph up sohjv pux, O atif Hesdoe Tvaddu gus e $1l kuc, epf emm O jewi vu qsuwi vjev O tqipv vjev nupiz ot e jepf xsovvip sidioqv gsun Kui Hesdoe. Teni vjoph gus 'Djieqis Vjep Fosv' vsetj jeamoph -- Jepfxsovvip qeqis sidioqv gus $600 cadlt.

Xjev't vji fotvopdvoup vjev zua jewi vu ati xjip ov dunit vu hivvoph e qeqis sidioqv, us ottaoph e 1099? Epzcufz lpux?

O'mm sap vjot cz nz edduapvepv vuu epf tii xjev tji vjoplt...

Djiist,

- Jelskel
Click to expand...
 
E muv ug vjuti hazt fup'v qez e muv ug veyit, vjevt xjev ji ot vszoph vu ewuof.

O xuamf hu xovj xjeviwis zuas edduapvepv tezt, xjz tjuamf zua tvodl zuas pidl uav gus tuni tac? Og vji edduapvepv tezt 1099 jon, fu tu, og ji cemlt vimm jon vuahj.
 
Access Restricted: Unlock 1,000,000+ Posts

Stop Peeking Through the Keyhole.
Open the Door.

You hit a wall because the best advice isn't free—it's earned. Since 2007, MJ DeMarco has been active here daily (99.9% active rate), building a war room for entrepreneurs who refuse to settle for mediocrity.

  • Active Daily: Life-changing content posted dozens of times every day. No dead threads.
  • MJ's Inner Circle: Direct access to the author of The Millionaire Fastlane.
  • Vetted Network: Connect with founders scaling to 7 and 8 figures.
  • Proven Roadmaps: Strategy over motivation. Execution over "hustle porn."
"SCALED TO 6-FIGURE MONTHS"
"Tips and advice here saved me from huge mistakes, others allowed me to scale my business to 6-figure months."
— User MitchC
"INSANE QUALITY OF PEOPLE"
"The number of high quality people I've met from this forum has been insane. All of it predicated on building real value."
— User Richard Peck

"You are the average of the five people you surround yourself with."
Are you surrounding yourself with success?

You must log in or register to reply here.

Similar threads...

MitchM
About to make 800k in capital gains, trying to decide how to protect it.
Replies
13
Views
5K
Raoul Duke
R
B
TAXES | REGS Capital Gains Tax
Replies
6
Views
2K
GlobalWealth
GlobalWealth
hakrjak
REAL ESTATE TAXES | REGS Flipping and Capital Gains tax?
Replies
8
Views
2K
jimculler
J
Rawr
INVESTING TAXES | REGS Capital gains taxes..
Replies
8
Views
3K
royemunson
royemunson

Navigation Shortcuts

Welcome to an Entrepreneurial Revolution

The Fastlane Forum empowers you to break free from conventional thinking to achieve financial freedom through UNSCRIPTED® Entrepreneurship where relative value and problem-solving are executed at scale. Living Unscripted® isn’t just a business strategy—it’s a way of life.

Follow MJ DeMarco

Fastlane Resources

Get The Books that Change Lives...

The Fastlane entrepreneurial strategy is based on the CENTS Framework® which is based on the three best-selling books by MJ DeMarco.

mj demarco books
Back
Top Bottom