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Do you know the person that should have been responsible for the income instead?
You still receive the actual amount owed though on the lease. In other words, the amount was received by you for this lease and you did not turn over the funds to any other person or entity?
I am trying to understand if you can issue a 1099MISC to this other person but if you still have the right to the income and the income was paid to you then it is taxable to you.
You would be required to include the payment as income.
If the amount was not yours to keep then you could issue a 1099MISC to the rightful person, showing the deduction but that is not the case.
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That is terrible.
I wish I could tell you differently but if the income is yours it is not deductible unless you had any expenses for the payment. That would only reduce the amount though.
I wish I could tell you they are incorrect. Was the retention of lease payment part of the business sell?
My goal is to provide you with excellent service today. I wish I could have told you the IRS was not correct.
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