If my company reimbursed my for office expenses, supplies, furniture, etc and then issued me a 1099, who does the property belong to?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
If my company reimbursed my for office expenses, supplies, furniture, etc and then issued me a 1099, who does the property belong to?
1099 issued on the total amount as income.
Asked on April 18, 2011 under Employment Labor Law, Iowa
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
1) If the company ended up paying for the property--that is, they reimbursed you for the full amount, so you ended up not being out of pocket while the company was the one that spent the money--then it would generally be the company's properrty. (This could be altered by agreement, so you could in theory have had an agreement that it would be yours.)
2) If it's reimbursement, remember that when you file your taxes, this is NOT income--reimbursement is not taxable (if you don't keep the property, that is; if you keep it and get paid for it, you've had a taxable gain), any more than repayment of loan principal is taxable income.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.