He shut it down and sold his equipment as he hadn't had any work. We have no income from his business (do his "day job"), but have incurred losses from operating the business. I'm aware of the fact that unless you've had $400+ of income that you aren't required to file, but with the losses would we benefit from filing the Schedule C? The business has been closed and he won't be operating this year. Any help would be appreciated.
Schedule C help...My husband ran a small business for a few years until this past May.?
If he has losses, the losses can be used to offset the income from his "day job". The $400 cut-off is not for filing or not filing, it is the cut-off where below that, you are not subject to self employment tax. If he earned $1 of income from the business, he should be filing. If he sold his equipment, he also has to report the sale of the equipment as well. There may potentially be gain from the sale of the equipment if he had previously depreciated the equipment.
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