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Business & farm
If the 1099-K includes the loan amount, follow the advice given above. Enter the 1099-K as it show, but also enter an offsetting entry to account for the loan.
Although you have every right to be upset, the loan is not taxable income, so your refund (tax liability) should not change if you reported the taxable income only on your return.
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March 7, 2020
7:05 AM
4,538 Views