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Business & farm
Can I count the income reported on these forms as business income instead of personal income?
If the income is reported in box 3 of that 1099-MISC, it's not "personal income" any way you look at it. It's business income. Period.
If you file a SCH C and "your" SSN or business EIN is in the "recipient's TIN" box,, then yes. Otherwise, if your business is not a SCH C business then that 1099-MISC needs to be reported on the tax return of the business whose EIN appears in the "Recipient's TIN" box.
‎April 25, 2020
8:38 PM