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Topic: Tax Question: Agent Fees and 1099 Misc
| Author | Message |
| stinking prague | Posted – 3/27/2008 12:43:44 PM | show profile My agent sent me my first 1099 for my book sale and the amount it had him paying me on the form reflected what the publisher paid and not the amount he sent me after he deducted his 15%. Does this sound right? I appreciated any feedbag |
| snuffleupagus | Posted – 3/27/2008 1:16:02 PM | show profile The publisher's contract is with you, and will report it to the IRS as such. At the end of the year, you need to deduct the agent's 15% from your own Schedule C. |
| dribbledrive1 | Posted – 3/27/2008 3:08:01 PM | show profile It's fine. You just report the full amount under income and then deduct the agent's commission on your tax forms. |
| stinking prague | Posted – 3/27/2008 3:47:12 PM | show profile Thanks you guys. I really appreciate yer timely answers. |
