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#1
03-30-2008, 10:17 PM
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 Re: Where to report 1099-DIV income for my business? On Mar 30, 2:35 pm, "Paul Thomas, CPA" <paulthomascp...[at]bellsouth.netwrote: - quote - > "Duke of Hazard" <squ...[at]peoriadesignweb.com> wrote
Thanks, it seemed strange to report business income as personal> > I received a 1099-div for interest paid on money in my business > > checking account . I am a sole proprietor, do I report this on > > Schedule B or C? > Schedule B as always. income, I found this explanation here: Investment income. Income such as interest and dividends from bank accounts, stocks, and bonds are generally not considered business income for a sole proprietor, even if you think of them as reserve funds for business downturns. Instead, they are treated as personal items to be reported on Schedule B, Interest and Ordinary Dividends, which is part of your Form 1040. Any gains or losses on your investments are reported on Schedule D, Capital Gains and Losses. -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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03-30-2008, 07:35 PM
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| Re: Where to report 1099-DIV income for my business? "Duke of Hazard" <squash[at]peoriadesignweb.com> wrote - quote - > I received a 1099-div for interest paid on money in my business > checking account . I am a sole proprietor, do I report this on > Schedule B or C? Schedule B as always. -- Paul A. Thomas, CPA Athens, Georgia -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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#-1
03-30-2008, 07:19 PM
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| Where to report 1099-DIV income for my business? I received a 1099-div for interest paid on money in my business checking account . I am a sole proprietor, do I report this on Schedule B or C? -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
| Tags |
| 1099div, business, income, report |
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