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Old 02-17-2010, 04:14 PM
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Proceeds from investment of company and 1099-Misc

I invested in a sole proprietor business where I provided the initial capital and I negotiated for payments based on future earnings (a fixed percentage of proceeds). Each year, I have received a sum of money based on the proceeds of the company. I receive a 1099-misc from the company. This year, it was reported in Box 7, where previously, I believe it was in Box 3. I am not sure which is correct since I am not an independent contractor (Box 7). I consider the money as passive income or investment income.

To add to the problem, I do generate invoices for the business as part of the deal (about 12 hours of work a year).

How should this amount be reported?



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