Hal_Al
Level 15

Get your taxes done using TurboTax

Q.  So for next year return can I file schedule C and offset the profit against my Schedule E loss? 

A. Simple answer: Yes. 

 

Your profit from Schedule C transfers to form 1040, as does your loss from Schedule E (as does your gain/loss from Schedule D and your interest/dividends from Schedule B), where they are combined or offset.   If your are subject to any limitations, TurboTax will do those calculations.