02-11-2004, 03:15 PM
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 Re: schedule c loss of income sorr wrote: - quote - > Can you put in a negative value for line 5 (Gross profit) on
Well, yes you can do that.> a schedule C if line 4 is greater than line 3... > ex: > line 1 $ 400 > line 2 $ 0 > line 3 $ 400 > line 4 $ 600 > line 5 $-200 > line 18 $ 12 > line 29 $(212) (loss) > if not, does that mean that the only expenses considered do > not have anything to do with goods? $ (12) (loss) But why would you have sold goods for less than you paid for them? (Or are you depending on making it up on volume?) Be sure you have accounted for any stock withdrawn for personal use. Cheer$, Harlan Lunsford, EA n LA << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
02-10-2004, 07:26 PM
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| schedule c loss of income Can you put in a negative value for line 5 (Gross profit) on a schedule C if line 4 is greater than line 3... ex: line 1 $ 400 line 2 $ 0 line 3 $ 400 line 4 $ 600 line 5 $-200 line 18 $ 12 line 29 $(212) (loss) if not, does that mean that the only expenses considered do not have anything to do with goods? $ (12) (loss) thanks for any help... << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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| income, loss, schedule |
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