If my company reimbursed my for office expenses, supplies, furniture, etc and then issued me a 1099, who does the property belong to?

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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 10 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.


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