There are similarities and differences between the 1040 Schedules C & E. Depending on the circumstances, the owners of unincorporated businesses and disregarded entities (single-member LLCs) will report their income and losses on either Schedule C or E of their personal 1040.

This webinar will help practitioners recognize where to report an individual taxpayer's income and expenses, distinguish which schedules the taxpayer is required to use and why, and understand the specific reporting requirements of income and expenses in addition to the limitations of losses when filing personal Income Tax Returns.        

Learning Objectives:

• Identify Schedule C: Profit or Loss from Business (sole proprietorships)
  
  
  
  • Part I: Schedule C Income
  
  
  • Part II: Schedule C Expenses
  
  
  • Part III: Schedule C Cost of Goods
  
  
  • Part IV: Schedule C Vehicle Information
  
  
  • Part V: Other Expenses
  
  
  
  


• Identify Schedule E: Supplemental Income & Loss (From rental real estate, royalties, S corporations, estates, trusts, REMICs, etc.)
  
  
  
  • Part I: Schedule E Income or Loss from Rental Real Estate and Royalties
  
  
  • Part II: Schedule E Income or Loss from Partnerships and S Corporations
  
  
  • Part III: Schedule E Income or Loss from Estates and Trusts  
  
  
  • Part IV: Schedule E Income or Loss from Real Estate Mortgage Investment Conduits (REMICs)
  
  
  • Part V: Summary