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Accepting money as a loan using your merchant account but you receive a 1099-k - how do you offset?

Tech Man's Profile

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.

Answers

Anonymous
(Senior Controller) |

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.

Tech Man
Title: accounting
Company: Techman
(accounting, Techman) |

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?

Tech Man
Title: accounting
Company: Techman
(accounting, Techman) |

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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