I'm doing a 2008 return where the taxpayer opened and funded a solo 401K. He had a net profit of $48K in that Schedule C business (no employees). He also had a loss of over $50K in another Schedule f business which was 50/50 with his wife (no employees)
Do you combine the net SE income from both businesses to determine taxpayers SE Income (in this case 0)? Or do the two businesses stand alone for this calculation (the businesses are two entirely different business activities).
Do you combine the net SE income from both businesses to determine taxpayers SE Income (in this case 0)? Or do the two businesses stand alone for this calculation (the businesses are two entirely different business activities).