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.
|
