This question is coming from a non-accounting person so please excuse my ignorance. Someone in my office is preparing 1099s for 2006. An example of one situation: According to the the yearly spreadsheet, there was a total income of 12K. He is adding back in the losses of the months where the losses were taken against the RE. Is this correct? If not I am ready to suggest asking his accountant for clarification. If it is correct, it's just one more thing for me to learn. Thank you.
LM