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Old 02-06-2015, 11:02 PM
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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.



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