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Reportability of property damage
March 14, 2022
Q. Unbeknownst to us, one of our summer interns used his dad’s personal vehicle to drop off a package. While doing so, he caused damage to his dad’s vehicle. We paid his dad the estimated amount to repair the damages on the vehicle. If we pay for damages our company did to other’s property (paid by us, not from our insurance company), would that be 1099 reportable? If yes, which form? What box?
A.
(Answered by a 3rd party, independent advisory services firm offering experienced and practical…
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