topic Can investment w/a friend, generating a 1099 for $3K interest, be considered a Profit from Business and then be on Schedules C and SE? in Get your taxes done using TurboTax

Can investment w/a friend, generating a 1099 for $3K interest, be considered a Profit from Business and then be on Schedules C and SE?

ejd4252 — Sat, 01 Jun 2019 15:00:12 GMT

I invested money w/friend; received 1099 Misc; entered it and now it generated a Profit and Loss from Business and a sched SE. I do not have a business and am not self employed. Is this correct?

Is it a 1099-misc and is the amount in box 7? Did you j...

Critter — Sat, 01 Jun 2019 15:00:43 GMT

Is it a 1099-misc and is the amount in box 7? Did you just invest money or do you work the business ? Is that business incorporated ? Was this more of a loan or a buy into the business ?

I just realized my mistake! I entered it as a 1099-Misc...

ejd4252 — Thu, 06 Jun 2019 09:00:53 GMT

I just realized my mistake! I entered it as a 1099-Misc when in fact it was a 1099-INT...thanks for your help.