Ouch!! This shouldn't be reported as Self-Employed income and let me show you a way to circumvent the process to where this will reported as other income and not Self-Employed income.
- Go to wages and income
- Scroll to Other Common Income>show more
- Form 1099-MISC>start
- Enter the information on the 1099-MISC
- When it asks to describe the reason for the form, indicate it was a gift of a down-payment from Bof A.
- Next screen asks Does one of these uncommon situations apply? Select none
- Next screen asks Did the free money from bank of america involve work that's like your main job? say no
- Next screen will ask How often did you get income for free money from bank of america. Here you will say you got it in 2021.
- Did the free money from bank of america involve an intent to earn money? say no
- Finish out the section
- When everything is said and done, this will appear as other income on line 8 of your 1040 and not as Self-Employed income.
- Congratulations on your new home.
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