Hello
I received a 1099-K under my name and SSN instead of my LLC business's EIN. From what I read in these posts, I would have to report the 1099-K in my 1040 in Schedule C, and in the expenses, enter the 1099-K amount as a negative number along with the message (Nominee income to EIN XX-XXXXXXX).
I would then report the 1099-K in the LLC's tax returns. Is this correct? I see some experts mention NOT to enter it in the personal return while some say to enter it and then take it right back out as a negative number without tax consequence.
Can you please let me know how this should be done? I would really appreciate your response and clarification.
Thank you so much!
Christian
