This guy sold stuff for me, & paid me after keeping 20%. now he is asking for my ssn or EID so he can issue me a 1099 is it ok?

Asked over 1 year ago - Miami, FL

So he is asking for 1099 because he kept 20% of the money and wrote me checks for the rest. he is asking for my ssn or EID so he can issue me a 1099.
I said i can give you an invoice. he sais no i want your ssn or EID. just want to know if thats safe?

Attorney answers (3)

  1. Rex Edward Russo

    Pro

    Contributor Level 14

    5

    Lawyers agree

    Answered . It's safe, but if he sold stuff for you, it seems to me you should be issuing him a 1099.

    The law is complicated and although the facts expressed may seem to be all that is relevant, there may be many... more
  2. Joseph Franklin Pippen Jr.

    Pro

    Contributor Level 20

    2

    Lawyers agree

    Answered . Selling your "stuff" would not be income for you assuming it was worth less than you bought it for.
    On the other hand-his commission would be income to him.

    The answer given does not imply that an attorney-client relationship has been established and your best course of... more
  3. Bruce Givner

    Contributor Level 19

    2

    Lawyers agree

    Answered . If he sold assets for you then what you receive is only taxable income to the extent that what you receive is greater than your basis in the assets. So he may give you a 1099; but that does not mean that the gross proceeds are taxable income. You should review this with a licensed tax return preparer so that you do not overpay.

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Will I owe taxes to the IRS if I do a Short Sale? You will likely get a 1099 for the transaction but there is an exemption for homeowners who sell their principle residence - until the end... more

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