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Posted by Duke of Hazard on March 30, 2008, 3:19 pm
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I received a 1099-div for interest paid on money in my business
checking account . I am a sole proprietor, do I report this on
Schedule B or C?
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Posted by Paul Thomas, CPA on March 30, 2008, 3:35 pm
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>I received a 1099-div for interest paid on money in my business
> checking account . I am a sole proprietor, do I report this on
> Schedule B or C?
Schedule B as always.
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Paul A. Thomas, CPA
Athens, Georgia
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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Posted by Duke of Hazard on March 30, 2008, 6:17 pm
Please log in for more thread options wrote:
>
> >I received a 1099-div for interest paid on money in my business
> > checking account . I am a sole proprietor, do I report this on
> > Schedule B or C?
>
> Schedule B as always.
>
Thanks, it seemed strange to report business income as personal
income, I found this explanation here:
Investment income. Income such as interest and dividends from bank
accounts, stocks, and bonds are generally not considered business
income for a sole proprietor, even if you think of them as reserve
funds for business downturns. Instead, they are treated as personal
items to be reported on Schedule B, Interest and Ordinary Dividends,
which is part of your Form 1040. Any gains or losses on your
investments are reported on Schedule D, Capital Gains and Losses.
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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