i have a s corp and received 1099 income for real estate sales commission were i worked as an independent contractor. do i report this as 1099 MISC income on the 1040?

ANSWER

Expert Thomas Graham iii's Answer:

Yes, the IRS defines gross income as "all income from whatever source derived."  You will also more than likely need to fill out Schedule C and SE to take into consideration business expenses and to figure the amount of self-employement taxes that you will owe.  You are responsible for reporting not only the amounts that appear on the 1099 but also all other income you received as an independent contractor whether or not you received a 1099.

Thomas Graham iii, CPA, CFE

Oklahoma

7 yrs experience

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