robwebb2k

After all these years, I’ve finally figured out how the IRS wants me to account for fish I purchase with cash. It’s right there on page 5 of the instructions for the 2008 form 1099, a form that otherwise governs miscellaneous income and payments to contractors.

Include fees, commissions, prizes and awards for services performed as a nonemployee, other forms of compensation for services performed for your trade or business by an individual who is not your employee, and fish purchases for cash.

I hope this was as helpful for you as it was for me.

*The tax information above has been provided for general guidance only. It is up to you to understand and adhere to the appropriate tax rules. Any tax-related information provided by this site is not intended as and should not be construed as legal, tax, or investment advice. You should always consult your tax advisor to help answer specific questions regarding how tax laws apply to you and/or your business. The tax summary provided is necessarily incomplete, and the tax laws and regulations are subject to change. Therefore, this site does not guarantee and is not liable for the accuracy or completeness of any tax information provided, or any results or outcome as a result of the use of this information. To learn more about U.S. tax requirements, please visit the IRS website. For tax advice or more technical questions about how tax laws apply to you, please consult your tax adviser. Or just don’t by back-alley fish for cash.