Thursday, July 30, 2009

Do I still File a Schedule C?

Hello all,





I am a futures trader... and last year I recieved a 1099Misc from my firm based on my profits and filed with a schedule C. as Self Employed.





This year however, my firm sent out 1099-Bs. with our income reported in box 8. Regulated Futures Contracts. So going through the motions with turbo tax. I input the information in the Investment income section Contracts and Straddles. However I see no where to deduct my home office business expenses. (I checked the box that specified this was Self-Employment Income for me)





So my questions:





A: did I enter this information correctly?


B: Can I file a schedule C to take advantage of the expenses I paid?





Thank you all for your help

Do I still File a Schedule C?
Form 1099-B is used to report proceeds from stock or barter and exchange transactions. The transactions are reported on Schedule D on your tax return. Any Form 1099-B you receive may report a single transaction or multiple transactions if you have an account at a brokerage or mutual fund company.





If you are an individual investing for personal gain, then that is not considered as being self-employed.

gifts

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