Welcome Guest. Register Now!  

LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 02-06-2015, 11:02 PM
Junior Member
Join Date: Feb 2015
Posts: 1
How to account for 1099b LLC income if that's the only income

I am trying to understand how to report my LLC 1099B income. I formed an LLC with sole purpose of investing in stocks, derivative, etc, there is no other form of income. Along with that income, there are some expenses incurred by the LLC.

There doesnt seem to be a place on Schedule C to include 1099B income. From what I could figure out is that I should include it on Schedule D and then directly to 1040. My expenses should go on Schedule C. That does not make sense to me since in that case my LLC will never have income and always show a loss due to all the losses.

Additionally under such scenario I wont be able to contribute to SEP-IRA since the amount I can donate is based on my profits, which in this scenario will be negative.

I will really appreciate help on this, and feel free to ask any questions.

Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Similar Threads
Thread Thread Starter Forum Replies Last Post
Do I need to report interest income from my daughter's bank account ojaitax Income 1 04-12-2013 08:42 PM
Self employed income - can I use form 2555 to claim foreign earned income deduction? americanexpat Limited Liability Company 1 06-20-2011 09:24 AM
sold ESOP STock 1099R & 1099B TRINAB Income 0 01-30-2011 03:38 PM
Where to Report 1099B, 1099G geckotoes Income 1 03-18-2010 12:47 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 » Income
 » IRA/Sep
 » Medical
 » Payroll
Forum for CPAs
Financial Planning