For which of these client scenarios do you need to prepare a Schedule C? * Carlo

Q: For which of these client scenarios do you need to prepare a Schedule C? * Carlo

Option 3 is correct Answer. When Monica received a 1099-MISC with income in Box 7 that is for nonemployee compensation, the IRS requires that this income be reported on a Schedule C.

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For which of these client scenarios do you need to prepare a Schedule C?

Carlos has a Form W-2G showing $25,000 in winnings from playing blackjack. He has records showing he spent $30,000 playing blackjack.

Soledad has a Form 1099-MISC showing $1,300 in box 3 for winning a neighborhood fundraising raffle. She bought six raffle tickets for $10 each.

Monica has a Form 1099-MISC showing $600 in box 7 as compensation for distributing product samples at neighborhood festivals. She incurred no expenses.

Jarvis sold his car to his neighbor for $2,800 cash. He bought the car ten years ago for $20,000.

For which of these client scenarios do you need to prepare a Schedule C?

Explanation / Answer

Option 3 is correct Answer.

When Monica received a 1099-MISC with income in Box 7 that is for nonemployee compensation, the IRS requires that this income be reported on a Schedule C.

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For which of these client scenarios do you need to prepare a Schedule C? * Carlo

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