JamesG1
Expert Alumni

Business & farm

$0.  PPP tax exempt income not reported on Schedule C.  This TurboTax Help states:

 

A forgiven PPP loan is tax-exempt, meaning it does not cause you to recognize a taxable gain or income. The IRS has clarified that expenses paid for using forgiven PPP loan proceeds are still deductible as well.

 

Gross receipts $100

Payroll               $60

Rents                 $40

 

Net                     $0

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