Can I used 1099 income from one type of work to fund another startup business? Will I have to pay taxes on the 1099 income if it is reinvested in another business venture?

jldemchak · ‎October 12, 2020

TomYoung · ‎October 12, 2020

Any income you earn can be used for any legal activity. The income reported to you on a 1099-MISC, (replaced by the new 1099-NEC), is taxable income. There is no "rollover" rule in effect for 1099-MISC income that would allow you to defer the tax because you invested that money in another business venture.

Can I used 1099 income from one type of work to fund another startup business? Will I have to pay taxes on the 1099 income if it is reinvested in another business venture?

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