I expect to receive a 1099k form from my ACH for personal loan principal payments to me (non-business). This income is a personal loan repayment (principal only) to me and is non-taxable. I will have to report the 1099k as income. How do I subtract this non-taxable income amount?
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You can either not report the figure on the 1099-K (which might create a mismatch) or enter the figure as miscellaneous income and then make an offsetting (negative) entry for the same amount.
You can either not report the figure on the 1099-K (which might create a mismatch) or enter the figure as miscellaneous income and then make an offsetting (negative) entry for the same amount.
However the new reporting will take affect in 2023 so I highly recommend you find a different way to recieve the payments that a 1099-K will not be issued ... doesn't anyone send paper checks anymore ?
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