Finance

Have finance questions? Ask a financial expert online.

Ask an Expert,
Get an Answer ASAP!

This answer was rated:

I have had hurricane damages and have a friend who is a

I have had hurricane...

I have had hurricane damages and have a friend who is a building contractor. He is helping me with the paper work needed to contract thru his company to do the work, but I will be doing the work. The check will be made to myself and his company. How does he pass it through his company to me so I assume the tax liability?

Show More
Show Less
Ask Your Own Finance Question
Answered in 6 minutes by:
3/22/2018
TaxRobin
TaxRobin, Senior Advisor
Category: Finance
Satisfied Customers: 18,353
Experience: 15 years of experience in financial advising with emphasis on tax issues.
Verified

Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

Ask Your Own Finance Question

He can use the expenses for materials you show him. He cannot pay you for your time on the work on your own home.If you use any contractors for repairs he can then issue a 1099MISC to them for their work.

Ask Your Own Finance Question
Customer reply replied 4 months ago
Why can’t he sub me for the work?

It is your home. There is a rule for business that you cannot deduct the value of your own time in self employment. Should he hire you and issue you a 1099MISC you would not be allowed to deduct anything other than materials and any contractor you used.

Ask Your Own Finance Question
Customer reply replied 4 months ago
I am not trying to deduct anything? I would accept it as income and assume the tax liability for it.

Then he would need to issue you a 1099MISC

Ask Your Own Finance Question
Customer reply replied 4 months ago
Ok ty for your help!

You are most welcome.
A positive 5 star rating is appreciated

TaxRobin
TaxRobin, Senior Advisor
Category: Finance
Satisfied Customers: 18,353
Experience: 15 years of experience in financial advising with emphasis on tax issues.
Verified
TaxRobin and 87 other Finance Specialists are ready to help you
Ask your own question now
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a financial professionalLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask TaxRobin Your Own Question
TaxRobin
TaxRobin
TaxRobin, Senior Advisor
Category: Finance
Satisfied Customers: 18,353
18,353 Satisfied Customers
Experience: 15 years of experience in financial advising with emphasis on tax issues.

TaxRobin is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Rakhi Vasavada

Rakhi Vasavada

Financial and Legal Consultant

2,609 satisfied customers

Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years

Megan C

Megan C

Certified Public Accountant (CPA)

2,222 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

Manal Elkhoshkhany

Manal Elkhoshkhany

Tutor

1,933 satisfied customers

More than 5000 online tutoring sessions.

JKCPA

JKCPA

CPA

844 satisfied customers

Bachelors degree and CPA with Accounting experience.

Eric

Eric

Financial Manager

559 satisfied customers

Loan servicing, counseling and real estate expert. Foreclosure Expert and Financial Planner.

R. Klein, EA

R. Klein, EA

Accountant

480 satisfied customers

TurboTax Expert. QuickBooks Certified Pro Advisor

Dimitry K., Esq.

Dimitry K., Esq.

Attorney

332 satisfied customers

NASD Licensed Rep, 1997-2001, Business Attorney

< Previous | Next >

Related Finance Questions
I have my own company, an LLC. A former boss would like to
I have my own company, an LLC. A former boss would like to hire me to help run one of his companies for about a year. He will be paying me, providing housing and health insurance. Is it beneficial or … read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,585 satisfied customers
Client is a contractor who incorporated last year. Came to
Client is a contractor who incorporated last year. Came to me 2 weeks ago, didn't even know if he was S or C. Ownership is 90/10 with another person. They did not pay themselves with payroll or salary… read more
ABC Accounting Group
ABC Accounting Group
Bachelor\u0027s Degree
848 satisfied customers
I am on social security and I get $1940/mo and $120/mo goes
I am on social security and I get $1940/mo and $120/mo goes to Medicare B. Here is my situation. I had a leak in my kitchen and I have a licensed contractor doing the work. I have given him money, per… read more
TaxRobin
TaxRobin
Senior Advisor
Vocational, Technical or Trade School
18,353 satisfied customers
We contracted a builder to build a custom home and provided
We contracted a builder to build a custom home and provided a large down payment, work on the home started and progressed slowly with the builder taking draws on a construction loan for work completed… read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
If a corporation pays a freelancer to do work as an
If a corporation pays a freelancer to do work as an independent contractor, and pays by paypal, then for tax/accounting purposes, what information does the company have to keep on file about the freel… read more
socrateaser
socrateaser
1,031 satisfied customers
I work in the medical office as a sleep tech, i am on a
Hi there! i work in the medical office as a sleep tech, i am on a payroll, where the check i get is already tax deducted. Couple years ago i was paid with a check and getting 1099 form at the end of t… read more
TaxRobin
TaxRobin
Senior Advisor
Vocational, Technical or Trade School
18,353 satisfied customers
MyVirtualCPA please answer my question, My ultimate goal
MyVirtualCPA please answer my question, My ultimate goal is to save more than regular 401K plan, reduce business tax liability and save more for retirement as a business owner. I work as in independen… read more
Megan C
Megan C
Certified Public Accountant (CPA)
Master's Degree
2,222 satisfied customers
I had an accident....not my fault........when i went on inspection
I had an accident....not my fault........when i went on inspection to evaluate a damage...the guy said that the damage of the car does not relate to the accident-----and insurance wont repay.........w… read more
sgriffin26
sgriffin26
Senior Loan Officer/ NMLO
Bachelor's Degree
92 satisfied customers
I signed a contract with a person (I thought it was going to
I signed a contract with a person (I thought it was going to be with his company) to make renovations on a house that I am going to flip. He only signed with his name and did not also write down his c… read more
TaxTom
TaxTom
Accountant
Bachelor's Degree
14 satisfied customers
1. Acquisition Costs The Voiture Company manufactures compact,
1. Acquisition Costs The Voiture Company manufactures compact, energy-efficient cars. On April 1, it purchased a machine for its assembly line at a contract price of $200,000 with terms of 2/10, n/30.… read more
Manal Elkhoshkhany
Manal Elkhoshkhany
Tutor
1,933 satisfied customers
i am a owner of a business llc and the only owner and have
i am a owner of a business llc and the only owner and have been in business for almost 3 years and can not seem to get a loan for house or even business my credit is good but wondering what are some t… read more
Robert Thomas
Robert Thomas
Senior Bank Officer
Bachelor\u0027s Degree
42 satisfied customers
Im starting a teaching company which as an S. Corp. Each teacher
I'm starting a teaching company which as an S. Corp. Each teacher will be an independent contractor and will have their own set of contracts (one student = one contract). Each contract will pay weekly… read more
Milan Vaishnav
Milan Vaishnav
Consulting Technical Analyst
Bachelor's Degree
536 satisfied customers
2-3 paragraphs Points Possible 55 Due Date 11/29/2009
2-3 paragraphs Points Possible: 55 Due Date: 11/29/2009 11:59XXXXX Bob Brown was recently involved in a minor auto accident. His car was hit from behind, and he, in turn, slammed into the car in front… read more
Charles
Charles
High School or GED
18 satisfied customers
Wachovia MORTGAGE send my a modification loan. I received the
Wachovia MORTGAGE send my a modification loan. I received the loan modification loan papers on 11-02-09 I send the papers back on 11-03-09 via ups. Wachovia received the loan modificaton papers on 11-… read more
Milan Vaishnav
Milan Vaishnav
Consulting Technical Analyst
Bachelor's Degree
536 satisfied customers
For Falak Naz 2-3 paragraphs in length Bob Brown was recently
For Falak Naz: 2-3 paragraphs in length Bob Brown was recently involved in a minor auto accident. His car was hit from behind, and he, in turn, slammed into the car in front of him. He would like some… read more
Falak Naz
Falak Naz
Master's Degree
324 satisfied customers
How can I put pressure on my accountant who is not a member
How can I put pressure on my accountant who is not a member of a professional association to let his successor have the information he needs?… read more
Sam
Sam
Tax Consultant
Higher Officer HMRC
7,675 satisfied customers
I am a small business, builder. I bid an insurance job in
I am a small business, builder. I bid an insurance job in the spring of 2008. Homeowners turned the estimate into their insurance company and received a check for $18,425. The check was made out to me… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I have had a company contact me about a long lost ...
I have had a company contact me about a long lost IRA. Needless to say, they want most of the money (almost half) for revealing where it is. I have contacted the Better Business Bureau. The company is… read more
Dennis M. Smith
Dennis M. Smith
Retired
Bachelor Degree
1,293 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x