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gk77_2
Level 6
April 18, 2020
Question

TRADING

  • April 18, 2020
  • 1 reply
  • 0 views

Hi,

One of my client ask me  whether he can start a S corp or LLC and do trading under company name. His intention is right now he is getting 1099- B for m every year  and that has to go with personal return. If he trade under S  corp and LLC and show some other expenses so K-1 will have less profit or a loss. Please advise

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1 reply

IRonMaN
IRonMaN
Level 15
April 18, 2020

What other kind of expenses does your client think he is going to sneak into an S corp that is going to be deductible on his personal return?

Slava Ukraini!
    G
    gk77_2Author
    Level 6
    April 18, 2020

    He said, rent ,internet, cell phone, office supplies, computers.......

      Just-Lisa-Now-
      Just-Lisa-Now-Intuit Community Champion
      Intuit Community Champion
      April 18, 2020

      so then he'll pay self employment taxes on the net profit, instead of capital gains?   

      ♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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