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How can Schedule K loss offset Schedule C income?
I have a Schedule C income and a separate (but same business) Schedule K partnership loss on running the office for the business. How can I get the loss to offset Schedule C income, thus reducing SS tax I have to pay?
May 31, 2019
6:20 PM
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Business & farm
The partnership losses on the K-1 and the Sch C income will net automatically on the Sch SE.
May 31, 2019
6:20 PM
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Business & farm
Not on Schedule C but on Schedule SE for the self employment tax.
May 31, 2019
6:20 PM
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Business & farm
Here is Schedule SE. See page 2 line 2
<a rel="nofollow" target="_blank" href="https://www.irs.gov/pub/irs-pdf/f1040sse.pdf">https://www.irs.gov/pub/irs-pdf/f1040sse.pdf</a>
<a rel="nofollow" target="_blank" href="https://www.irs.gov/pub/irs-pdf/f1040sse.pdf">https://www.irs.gov/pub/irs-pdf/f1040sse.pdf</a>
May 31, 2019
6:20 PM