abctax55
Level 15
04-09-2023
11:51 AM
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Putting any gain, or loss, on the purchase & subsequent sale of ASSETS on a Sch C is incorrect. Doing it that way would either increase, or decrease self-employment income and self-employment tax.
@Jessica Ly - I suggest you put this return on extension, and find a local mentor to assist you. While the numbers aren't large, the concept of what goes on Sch C vs the sale of assets is important.
You should also 'unclick' if possible the solved solution, for future searches as it is wrong.
HumanKind... Be Both