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Storage payments
January 26, 2023
Q. Do storage payments need to go on a 1099-MISC? Or are they reported on a non-employee compensation form?
A.
(Answered by IOFM's third-party tax experts)
The federal tax Regulations at sec. 1.6041-3(c) provide; "Payments for which no return of information is required under section 6041 ... Payments of bills for merchandise, telegrams, telephone, freight, storage, and similar charges."
Q.
So does that mean storage payments are exempt?
A.
Yes. They are exempt.
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