So you receive a 1099-k when accept money via your merchant account. How can you offset the 1099-k when you file your taxes. The money you receive is a loan not sales but it shows on the 1099-k as sales.
Accepting money as a loan using your merchant account but you receive a 1099-k - how do you offset?
Answers
Call the merchant account provider (the one who issue the 1099-K) and asked them to file a reversal, stating that it is a loan and not a sales.
1
They said they cannot change the 1099-k and will not accept charges to the account that are not sales --and will cancel the merchant account. Looking ahead, how do I offset for tax purposes?
They said they cannot change the 1099-k and will not accept charges to the account that are not sales --and will cancel the merchant account. Looking ahead, how do I offset for tax purposes?
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Accounting