My brother-in-law owns a small business. He lacked some cash flow and I gave him $120,000 in Jan 1, 2007. He considered me as an investor and I have been receiving a dividend ($2,500) each month as per an official special legal agreement. A few days ago, I was surprised to hear him saying that I should expect 1099-MIS to file next year. Now he considers me as an independent contractor. I never did any work for him or anything at all. I need some advice people. Is this a legal tactic on his part? Why is doing this now? How can I challenge him? What are my rights and obligations? What tax form should I really file in this case? Please help! Thank you so much.
2007-10-20
04:02:16
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7 answers
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asked by
Mr. J
4
in
United States