Posted by admin on 15 Jan 2008 8:11 am. Filed under United States.
illuminate asked:
I’m self employed, but aside from my business income, I have personal investments, which have produced gains of about $20K in 2007. Do I need to pay SE tax on that or just my business income? Thanks for your help.
3 Comments to “Do I need to pay self-employment tax on personal investments?”
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carolyn43 said:
On January 18th, 2008 at 2:24 am
You need to ask a accountant
Judy said:
On January 20th, 2008 at 4:33 am
No, the SE tax only applies to your business income, on your schedule C. It doesn’t apply to your investment income on schedule D
Mathew said:
On January 23rd, 2008 at 2:18 pm
Your Business Income is reported on Schedule C and the net is subject to SE Tax. The investments are reported on Schedule D or B or directly on the 1040 in the case of interest or dividends. You may want to seek the help of a professional tax preparer. Given the level understanding that you seem to have they may just save you more than they will charge you. Normally Schedule C offers a number of deductions for expenses that you may not be aware of.
On January 18th, 2008 at 2:24 am
You need to ask a accountant
On January 20th, 2008 at 4:33 am
No, the SE tax only applies to your business income, on your schedule C. It doesn’t apply to your investment income on schedule D
On January 23rd, 2008 at 2:18 pm
Your Business Income is reported on Schedule C and the net is subject to SE Tax. The investments are reported on Schedule D or B or directly on the 1040 in the case of interest or dividends. You may want to seek the help of a professional tax preparer. Given the level understanding that you seem to have they may just save you more than they will charge you. Normally Schedule C offers a number of deductions for expenses that you may not be aware of.