Question

U asked If I give my employer a loan and they include the repayment in my 1099, can I deduct that amount since it’s not income?

Forum|Forum|5 years ago
June 10, 2020
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TurboTax Self Employed Online

Employee

Apparently the business to which you gave money is a client of your self-employment business, not your employer, and you are apparently not an employee of that business since you do not (or at least should not) receive a W-2 from that business. It seems that the money that you gave to this client is a business expense of your self-employment business, reportable on Schedule C, and the client giving you money back is income to your self-employment business, also reportable on Schedule C. The two ultimately offset each other on Schedule C.