Question
For which of these taxpayer scenarios do you need to prepare a Schedule C? Kathleen has a Form W-2G showing $15,000 in winnings from playing
For which of these taxpayer scenarios do you need to prepare a Schedule C?
Kathleen has a Form W-2G showing $15,000 in winnings from playing blackjack. She has records showing she spent $20,000 playing blackjack.
Ally has a Form 1099-MISC showing $1,000 in box 3 for winning a neighborhood fundraising raffle. She bought six raffle tickets for $5.
William sold his car to his neighbor for $2,500 cash. He bought the car ten years ago for $21,000.
Donna has a Form 1099-MISC showing $800 in box 7 as compensation for distributing product samples at neighborhood festivals. She incurred no expenses.
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