Love2Cruise
Level 5
02-27-2022
06:44 PM
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Glad to hear that. 👍
Ok, I have one more question - if the 1099 is reported to the IRS as royalties, does it not matter that is still reported as income? I ask this because many, many years ago, when I first started doing tax returns, I reported some business income on Schedule C as opposed to Schedule E because of the nature of the income. The client was randomly audited, and he was penalized because the income wasn't reported on the correct schedule.