Re: business income: K-1 or something else?

business income: K-1 or something else?

can business income be anything else instead of K-1 income?

posted

Yes, business income can also be reported on a 1099-MISC or regular cash income with no tax form. Business income can also include bartering, real-estate rents, interest and dividends, cancelled debt, damages, or even kickbacks.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Hi Holly, Thank you for your response. Is there any advantage (tax savings) calling business income at end of year something else besides K-1 income to distribute to an owner?

Thanks so much,