@AmeliesUncle Thank you for the detailed response. Yes we do provide 'services' and I believe we do participate materially.... BUT.... so far 3 years now, we have a net LOSS
1. when i enter my info into TT (including the k1 which shows a net loss but a gross non farm profit), it tells me that I need to select non farm or farm optional method to calculate my self employment tax!! am i doing something wrong?
2. just confirming... you say there is a scenario where gain/loss goes on the form 8825 and if its loss, it can offset income on 1040 but if its gain , no self employment tax is owed ?
