It depends on how good your expense tracking is. For some real estate agents/flippers I prefer to have these business activities on two separate Schedule Cs...especially if both husband and wife are involved. Each managers/operates one Schedule C. For others, we simply put them on one Schedule C. For tax purposes, the combined revenue and combined expenses equal the combined net income which is the amount of self employment tax you will pay. It is best to try to make sure one Schedule C does not pay a large self employment tax and the other shows a loss. Try to get a good balance between the two.
I hope this is helpful to you.
Kelly C
CPA
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