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msamycmartin
New Member

Rec'd principal on a loan back but it was reported as Nonemployee comp. Is that right? Killing me in taxes

I loaned my brother's comp. 60K to purchase real estate. I rec'd dividend cks each quarter. he just retr'd the original 60K to me and reported it as Nonemployee comp. Is that correct? Leaves me with a staggering tax bill

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BobB7
New Member

Rec'd principal on a loan back but it was reported as Nonemployee comp. Is that right? Killing me in taxes

It's not correct.  He needs to file a corrected 1099-MISC showing a revised amount of zero.

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1 Reply
BobB7
New Member

Rec'd principal on a loan back but it was reported as Nonemployee comp. Is that right? Killing me in taxes

It's not correct.  He needs to file a corrected 1099-MISC showing a revised amount of zero.

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