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Tax questionI am a licensed attorney I usually file a

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Schedule CThis yr (2015) I...
Tax questionI am a licensed attorney I usually file a Schedule CThis yr (2015) I settled a personal injury case ( I usually do not have this type of case/income) and got a 1099 from the insurance company who paid a joint check to me and my client-- the 1099 reports the gross amount of the settlement ($110,000) to me a s income-- but pursuant to my agreement with my client-- only 1/3 of the gross -- $33000- was my fee.How do I report this?
Submitted: 1 year ago.Category: Tax
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4/21/2016
Tax Professional: Lev, Tax Advisor replied 1 year ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 31,361
Experience: Taxes, Immigration, Labor Relations
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I suggest to report the full amount - to satisfy IRS verification procedure on line 1 scheduled Cand report the amount to the client as returns and allowances.Be sure to issue 1099mist to the client with full amount and provide an invoice for your services - so the client will be able to deduct that portion if income is taxable for the client.
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Tax Professional: Lev, Tax Advisor replied 1 year ago
.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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