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What business id to use for lending money and earning interest? Is that under business income or investment income?
We lend money to borrowers for real estate transactions so I have the business code as real estate- however, it does not allow for reporting of income from this lending practice- only for sale of property. We don't own the property, just lend the money. Is this considered investment income or business income and what is the difference?
Also- how do I report return of capital instead of income? Some of this money is still being returned back to the partners as return of capital and not income yet? How do we distinguish from "return of capital" instead of income?
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‎June 4, 2019
11:00 PM