2
votes
3answers
64 views
Schedule-C or not?
We bought land and built a home to make a profit from the sale. We did not live in the home and it was not a second home. We did all the contracting ourselves and when it was rea …
6
votes
6answers
273 views
Schedule C - Huge Loss
Is there a limit as to the amount of loss I can report on schedule-C?
Opened a business in 2009 - Revenues = $50,000, Expenses = $125,000.
Included in expenses is about $12,000 s …
3
votes
3answers
59 views
Basis of Reposessed Business Assets
Taxpayer had an established Sch C business. He entered into a transaction to sell the business, including his assets, to a third party, who was supposed to employ the taxpayer as …
2
votes
4answers
102 views
Vehicle expense for late Schedule C
client came in with nasty grams from IRS; they filed a SFR on tax year 2004. He is disabled but used some of his disability proceeds to fund a business for a family member. Clien …
1
vote
2answers
80 views
Converting from Schedule C to Corp - New EIN Required?
A long-time sole proprietor already has an EIN number (for sales tax purposes). He is converting to an S Corporation. Is he required to obtain a new EIN in this case due to a ch …
3
votes
2answers
118 views
Can a US citizen deduct business losses for a foreign company?
New client of mine from Poland. Invested in a company registered in Poland. In 2006 invested 100K. Now the company has failed. I told him non business bad debt - 3k a year dedu …
1
vote
5answers
145 views
Should independent contractor say business uses cash or accrual method, if he does not remember and last return was so long ago that it cannot easily be checked?
Originaly question stated:
Person worked as a self-employed independent contractor (receiving Form 1099-MISC non-employee compensation) in 2001, 2003, 2004, and 2009, but not in 2 …
2
votes
5answers
173 views
Schedule C contractor is injured. Business expense or itemized deduction?
A schedule C contractor has an industrial accident and is injured. Are his medical costs related to this injury deductible as a business expense on the schedule C or is he required …
1
vote
1answer
22 views
Research and Development since 2008 but business not started yet. How to report loss?
I think I know the answer but keep thinking there is something I'm forgetting. I hope to soon have a client. He has been working on an idea, not patented yet - still in R & D …
2
votes
3answers
1k views
Difference between Schedule C and 1040 Other income
When do you use Schedule C for income/expense and when would you use Form 1040?
