Claiming Compensation?

[steven200738]

What is the name of your state (only U.S. law)? Minnesota. If my employer was unable to pay me money for a couple months of work, and compensated me by giving me a truck and trailer, how do I claim this on my taxes? I was told I needed to claim this as income compensation or something. Any ideas? Thanks.

 

[LdiJ]

What is the name of your state (only U.S. law)? Minnesota. If my employer was unable to pay me money for a couple months of work, and compensated me by giving me a truck and trailer, how do I claim this on my taxes? I was told I needed to claim this as income compensation or something. Any ideas? Thanks.

If your employer does things correctly, the value of the truck and trailer will be included in your W2 at the end of the year. If your employer does a half azzed way of handling things your employer will issue a 1099 MISC for the value of the truck and trailer. If your employer totally messes it up, your employer may do nothing.

Wait and see what your employer does, and then come back and ask for advice as to how to handle it.

However, you are correct. One way or another you need to pay tax on the value of the truck and trailer. How that will need to be handled on your end however depends a great deal on what your employer does.

 

[steven200738]

I'm sorry, I should have stated that this was for last year. My ex-employer didn't issue me anything, but I want to be tax compliant.

I can't get ahold of the company anymore, so I don't know if they moved or went out of business. Is there some way for me to still claim this on my taxes, like a form or something?

 

[teaspiller]

Yikes seems like that could be quite a problem. You should likely consider filing an amended return to reflect this "income". You may also want to get help from a tax expert such as an IRS Enrolled Agent or CPA.

 

[LdiJ]

I'm sorry, I should have stated that this was for last year. My ex-employer didn't issue me anything, but I want to be tax compliant.

I can't get ahold of the company anymore, so I don't know if they moved or went out of business. Is there some way for me to still claim this on my taxes, like a form or something?

Yes...use form 8919 to claim the value of the truck and trailer. It should have been included on your W2. Attach an explanation of the situation to your return.

You might consider using a tax professional this year.

 

[steven200738]

Awesome! Thanks so much!