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1099-int reported under business EIN. Do I report it as other income on schedule C, or as interest on schedule B?

I received a1099-int from a bank that was reported under my sole proprietor LLC EIN, not my SSN. Do I report it as other income on schedule C, or as interest income on schedule B?

 

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3 Replies
ErnieS0
Expert Alumni

1099-int reported under business EIN. Do I report it as other income on schedule C, or as interest on schedule B?

It depends. If it is interest from a business account that you are using for business purposes, then it is Other Income on Schedule C.

 

If it is personal interest, then it would be on Schedule B.

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1099-int reported under business EIN. Do I report it as other income on schedule C, or as interest on schedule B?

In this case it is a business account that I used my personal money to open for the sole purpose of receiving a $750 new account bonus. I have never used the account for any business or personal use. 

However, the bank reported the the $750 under my business name and EIN.  

ErnieS0
Expert Alumni

1099-int reported under business EIN. Do I report it as other income on schedule C, or as interest on schedule B?

Report it as interest income on Schedule B.

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