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I own a store that I rent out different booths to vendors.

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I take all money from...
I own a store that I rent out different booths to vendors. I take all money from customers than pay the vendors what they earned at the end of the month. I recieved a 1099k for all credit card transactions which would include my sales and the vendors. Do I have to include all of the 1099k even though it wasn't all my sales
Submitted: 1 year ago.Category: Tax
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Answered in 8 minutes by:
4/18/2016
Tax Professional: Lev, Tax Advisor replied 1 year ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 30,141
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There are two ways to handle such situation.
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Tax Professional: Lev, Tax Advisor replied 1 year ago
1. You include the entire payments you received from customers into your gross income and deduct amounts you transfer to vendors as your expenses.Also you will report these payments to vendors on forms 1099misc.2. As you processing payments for vendors - and receiving these payments as a nominee - you will need to issue the same form 1099K to each vendor reporting the FULL amount you are processing for them..I appreciate if you take a moment to rate the answer.Experts are ONLY credited when answers are rated positively.If you still have any doubts, need clarification - please be sure to ask.I am here to help you with all tax related issues.
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