Negative Income

[norotonfd 1]

I am self employed at my own restaurant and I am showing a negative income on my Federal Tax returns. I have assets, a house, and money in the bank. Just to be safe I have a co-sponsor. My question is what do I write in for income if it is negative on my tax return. Do I leave the income spot empty and just liist my job and position as owner?

[sjoefl01 1]

It is never a good idea to leave blanks on government forms. I would show my gross income. I don't think they are specific about whether the income is adjusted, or not. You shouldn't have a problem with a joint sponsor. If you leave the space blank they will probably give you some grief.

I am self employed at my own restaurant and I am showing a negative income on my Federal Tax returns. I have assets, a house, and money in the bank. Just to be safe I have a co-sponsor. My question is what do I write in for income if it is negative on my tax return. Do I leave the income spot empty and just liist my job and position as owner?

[Yodrak 7]

norotonfd,

Interesting. Most calculated items on a tax return instruct one to enter zero if the number would be negative. On which line specifically do you enter a negative number?

Yodrak

I am self employed at my own restaurant and I am showing a negative income on my Federal Tax returns. I have assets, a house, and money in the bank. Just to be safe I have a co-sponsor. My question is what do I write in for income if it is negative on my tax return. Do I leave the income spot empty and just liist my job and position as owner?

[diadromous mermaid 36]

norotonfd,

Interesting. Most calculated items on a tax return instruct one to enter zero if the number would be negative. On which line specifically do you enter a negative number?

Yodrak

I am self employed at my own restaurant and I am showing a negative income on my Federal Tax returns. I have assets, a house, and money in the bank. Just to be safe I have a co-sponsor. My question is what do I write in for income if it is negative on my tax return. Do I leave the income spot empty and just liist my job and position as owner?

If he's using a Schedule C for his business income, then the final figure from that form is transferred to line 12 of the IRS 1040. Of course if the business net income is a loss, then there'd be a negative figure on line 12. Of course the Affidavit of Support instructs to report line 22, I think.