Schedule C (Form 1040). Mark for follow up Question 7 of 15. ...
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Accounting
Schedule C Form
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Ambrosia sold some furniture at a garage sale and was paid through an online app. In January, she received a Form K Payment Card and Third Party Network Transactions, reporting the payment. How should this be reported on her tax return?
The sale of personaluse property is reported on:
Form line with no adjustments allowed for any realized loss.
Schedule D Form If there is gain, it will be taxable, but any realized loss is not allowed and must be subtracted as an adjustment.
Schedule line j with expenses reported as a miscellaneous itemized deduction on Schedule A Form
Schedule C Form Any profit will be subject to selfemployment tax.
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