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Good Evening,
Can someone help me to understand how and where can I report Sales (Profit & Loss) for a Used Car Dealership LLC. All other information was able to report on the Schedule C just fine.
I contacted the IRS who instructed me to include the Capital Gains and Losses on Schedule D, but my forms are all greyed out with no way to input data. I need these both for 2020 and 2021 as they have not filed for both years.
Even when clicking on the "Quickzoom" for Qualified Dividends and Capital Gains Tax Worksheet, it reveals nothing, and the same goes for Schedule D Worksheet.
Any advice/help would be greatly appreciated.
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Used cars are Inventory for a used car dealer, not capital assets.
For a Schedule C Business, sales price goes on Line 1, the cost is Cost of Goods sold - Schedule C page 2 which carries to Schedule C page 1.
You cannot rely on what the IRS tells you by phone, thank goodness because either you got a moron or you didn't say they were a dealer.
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Used cars are Inventory for a used car dealer, not capital assets.
For a Schedule C Business, sales price goes on Line 1, the cost is Cost of Goods sold - Schedule C page 2 which carries to Schedule C page 1.
You cannot rely on what the IRS tells you by phone, thank goodness because either you got a moron or you didn't say they were a dealer.
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Assuming the LLC is a single member and has not made an election to be taxed as a corporation, it all goes on Schedule C. What do you mean "all other information" was on Schedule C? It should ALL be on Schedule C. Nothing should be on Schedule D.
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Wow,
Thanks so much. I guess i received a Moron after waiting for nearly two hours. I definitely explained the situation thoroughly, and included all details. I really appreciate this information.
You are a life saver.
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Understood, was confused regarding the sales, once I got off the phone from the IRS. Yes, it is a single member LLC and I received the answer I was seeking from "Sjrcpa".Thanks so much. Humbly Grateful!