Hi, I'm a model and I received a 1099-MISC for my gross earnings. However, I had to pay a 20% commission on that gross so can I claim that as a deduction?
2007-04-07 07:24:35 · 5 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
Yes, as a model you work as contract labor. You can list your income and expenses on the Sch C. Commissions are deductible, as well as other work related expenses incurred with the generation of this income.
2007-04-07 07:29:08 · answer #1 · answered by cyahlaytar 2 · 2⤊ 0⤋
No, the commission is not tax deductible. However, the carrying costs (ie: safety-deposit box fees, MERs, interest expenses, custodial / accounting / management / investment counsel fees) of your non-registered portfolio are tax deductible. The commissions are added to the ACB which lowers the capital gains paid on the non-reg. investment when you sell the stock.
2016-04-01 02:24:44 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Definitely - that's a necessary business expense. It will go on your schedule C, or C-EZ if you are eligible to use the C-EZ.
It's a business expense, so has nothing to do with whether you itemize your personal expenses on a schedule A.
2007-04-10 01:56:31 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
Potentially -- you might be able to itemize it with your deductions as a work-related expense -- *if* you itemize. If you don't itemize -- it's a moot point.
Check with the IRS to see if that is a legit deduction -- or have your taxes prepared professionally so that you can capture all of your deductions.
2007-04-07 07:29:01 · answer #4 · answered by falcon.medical 2 · 0⤊ 4⤋
Yes , it will go on Schedule C or C-EZ.
2007-04-07 07:30:41 · answer #5 · answered by r_kav 4 · 1⤊ 0⤋