1099 Form

Does it report income after the system listing fee or not? We pay the system listing fee, it should be deducted, am I correct?

No, we simply report the money paid out to you. We do not deduct any of your expenses, etc. You’ll need to do that if you want to deduct them.

Maybe you can just do us a favor to report the income after the expense. You know, some of us use standard deduction, it is hard for us to itemize the listing fee as expense. Otherwise we may still need to pay tax even we do not get money from C2 (after the fee).

Matthew cannot do that - it would be against the tax code.

Why don’t you set up a sole proprietorship, and report income AND expenses on Schedule C? That is how you should be reporting your 1099 income anyhow.

Really? Sorry, I don’t know it is against the tax code. Is there other way to go around which complies with the tax code? Set up a company for a few hundered bucks? Maybe it’s not worth the hassle. it might be hard to get a few hundred bucks per year from C2. :slight_smile:

You can set up a company for a lot cheaper than a couple hundred bucks. The simplest method is free - just call yourself "Mary Trading" and fill out Schedule C. If you go the corporation route, you can deduct that expense, too. You can also deduct cost of business PC, internet connection, trading services, etc.

It is not that difficult.