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Doc707
June 11, 2023
Question

How do I report sale of stock WITHIN my schedule c business

  • June 11, 2023
  • 2 replies
  • 0 views

I have a schedule C business of stock trading.  My trading expenses go on schedule C.  If I enter my trades in Schedule D then TT sees my Schedule C business as losing money but that is not the case.  How do I get TT to recognize that the trading profits are the income for the schedule C business?  Thanks in advance!

    2 replies

    fanfare
    fanfare
    Employee
    June 11, 2023

    Please consult: 

    Topic No. 429, Traders in Securities (Information for Form 1040 or 1040-SR Filers)

     

    https://www.irs.gov/taxtopics/tc429

     

    @Doc707 

      D
      Doc707Author
      June 11, 2023

      @fanfare Thank you for responding.  My question is not what forms to file but rather how to get TT Premier to see the relationship between the Schedule D which currently has a substantial net profit and schedule C which shows only expenses.  This is important because my health insurance expense in Schedule C is being limited because the Schedule C shows no revenue.  Thanks in advance.

      fanfare
      fanfare
      Employee
      June 11, 2023

      This has been discussed in the forum many many times.

      I think many of the proposed solutions are wrong.

      I'm not an Enrolled Agent so I can't comment on what to do with any authority.

      ( if you find any of my old answers, take them with a grain of salt.)

      D
      Doc707Author
      June 11, 2023

      @fanfare 

      I'm sorry, I'm a newbie here.  Can you tell me how to find the discussion please?

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