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ilenearg
Level 2

Refund Rec'd in 2020 for 2019 Business Expense

I claimed various expenses paid in 2019 in connection with my small business, resulting in a small loss on Schedule C.  Huge chunk of those expenses were refunded in 2020 when the seminars/travel was cancelled.  I tried entering the amounts as negative amounts on my Schedule C in the same expense fields I used in 2019, but the program says I can't do it.  Do I just ignore that I received those refunds or is there somewhere else that I would account for them?  Do I show them as business income??

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Accepted Solutions
rjs
Level 15
Level 15

Refund Rec'd in 2020 for 2019 Business Expense


@ilenearg wrote:

Do I show them as business income??


Yes, you report the refunds as business income that was not reported on a 1099-NEC or 1099-MISC.

 

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1 Reply
rjs
Level 15
Level 15

Refund Rec'd in 2020 for 2019 Business Expense


@ilenearg wrote:

Do I show them as business income??


Yes, you report the refunds as business income that was not reported on a 1099-NEC or 1099-MISC.

 

View solution in original post

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