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Loan Repayment on 1099-MISC--how to report so not taxed?
Several years ago we made a $10,000 loan investment to a local business. This year they paid back $5,000 of the loan and $600 interest. They sent a 1099-MISC for $5600. Only $600 should be taxable. How do I handle this for the 1040 tax form so that I don't pay tax on the $5000 Loan?
‎January 22, 2021
11:14 AM