All income on 1099 used for expenses.?

In 2010 my real estate broker paid my real estate fees amounting to $1,500. I received a 1099-Misc with this amount listed under nonemployee income. Could I expense all of this on schedule C?

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  • Judy
    Lv 7
    10 years ago
    Favorite Answer

    Yes, as long as you can substantiate all of your claimed expenses. It's possible to even show MORE expenses than income for a given year.

  • Sure, as so long as you have legitimate expenses to offset the 1099 income.

  • 10 years ago

    Yes, as long as you have legitimate expenses to offset that income.

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