schedule c loss of income


S

sorr

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...
 
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H

Harlan Lunsford

sorr said:
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)
Well, yes you can do that.

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Be sure you have accounted for any stock withdrawn for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
 

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