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Is there a statute of limitations for fixing a 2007 Form 1099-MISC?
The interest on the loan is interest expense paid to USPS (not interest income for Sched B). They fronted the full cost of the system. 10K was their portion of the agreement, my 20K portion was loaned to me, which I am repaying by rent deduction.
How should the 30K appear?
Even though 20K was a loan?
Can I show this as a loan so it is not income, and add the full rent deductions back into the rental income? They even provided me with an amortization schedule.
Would a corrected 1099-MISC help in this regard?
Even though I am filing late, I thought I had paid more than sufficient taxes at the time. If the 30K is shown as income, then I will face interest/penalties...
For the 10K, separate air conditioning and heating units were completely replaced with modern efficient package units. USPS received significant energy savings along with a better, more reliable system.
For the 20K, how can I show this as a loan? Did USPS report it correctly? Why would it be different if I went to a bank for the same amount?