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Form 1040 (Schedule C-EZ) online Costa Mesa California: What You Should Know

The form is available online at: click here. Farming business— CA.gov Do you own a business as a sole proprietor? Use Schedule C (Form 1040) Profit from Farming, which contains the instructions to report your profits and losses. Read about what is included in the schedule here. Selling or trading a home or land— CA.gov Use Schedule C-EZ (Form 1040) Profit or Loss From Business, Interest or Dividends. Include your profits and losses on Line 20. For each year of the period ending on a 3-digit year, include the 5,000 in Part B of the Form 1040. You may also want to file Form 8938, Real Estate Investment Trusts, Profit or Loss From Farming Business. Note You should use Schedule C-EZ or Schedule C to report your profit or loss from a capital gain or capital loss on the sale or exchange of the real property or a separate interest in real property. To report a sale or exchange of all your real property for which you paid cash, deduct the real estate taxes previously paid in the period. In this case, you do not include in Part B the 5,000 cash received. To report a sale or exchange of all real property for which you are responsible for paying real estate taxes, you will need to do two separate reports. After the taxable year in which you received this payment, report the amount of all your prior year taxes on your Schedule C-EZ, Line 20. If the sale of all your real estate for which you were responsible for paying taxes was before the date of the taxable year in which you received the payment, treat the amount of any unpaid taxes previously paid on your previous return as an excess interest income and use the excess interest income to offset tax liability on your first return. After the taxable year in which you received the payment, you will need to file Schedule C-EZ as income and pay any unpaid real estate taxes. Use Schedule C-EZ to report a sale or exchange of more than one home or land when you are the primary homeowner.

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