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Tax Question

billfaith profile photo
  • Sunday, January 14, 2007 @ 05:13 AM EST
  • 3 Comments
Last year I sold a rehab property and did a schedule C to report my loss from the sale. This year, I have not sold any property and therefore did not have any self employment losses or gains. Do I still have to fill out anything business related this year, or do I revert back to a normal tax return just reporting my earned income from my job? Thanks. Bill
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  • bbriscoe
    bbriscoe29th December, 2006
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    Unless you had a loss carryover from last year, you should be fine just filling out the regular 1040 forms.

  • billfaith
    billfaith5th January, 2007
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    Thanks

  • ctsee11
    ctsee1113th January, 2007
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    Quote:
    On 2006-12-29 10:55, billfaith wrote:
    Last year I sold a rehab property and did a schedule C to report my loss from the sale. This year, I have not sold any property and therefore did not have any self employment losses or gains. Do I still have to fill out anything business related this year, or do I revert back to a normal tax return just reporting my earned income from my job? Thanks. Bill


    What about the depreciation on the property you are holding? If you do not report it, how will you deduct it?[ Edited by ctsee11 on Date 01/13/2007 ]

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