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DPChallenge Forums >> Stock Photography >> Stock Photography and taxes
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07/24/2006 06:37:28 PM · #1
Just curious how / if people claim this income on their taxes? Do the stock agencies send anything out at the end of the year (like an 1099 form (in the US of course)) or is it up to the photographer to record all payments received from them and report it on their taxes accordingly?

Message edited by author 2006-07-24 18:58:27.
07/24/2006 06:43:18 PM · #2
Not sure about stock, but generally if a company pays you less than $500 they dont' send a 1099. they still report it on their taxes, so IF the IRS has the computing power they can catch ya.

once you get paid over the $500 (not sure the exact amount, but 500-1000 range i think is right) then they have to send a 1099.

legally you have to claim all income, even stuff you sell on ebay or at a yard sale, that $10 you found in the street last week, the $2 scratch-off ticket you won on the lottery, etc.

If you run it as a business then you can claim the expenses incurred doing business - see the business forum here for threads that cover some info on that end of things.
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