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]

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?

[Critter]

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 ?

[ejd4252 · Accepted solution]

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