I have a sole proprietership, an online retail business that carried a small inventory (strictly internet, no physical store other than home office). I've filed a Schedule C on for 6 years.
In late 2007 my business started to decline and I will take a loss for the 2nd consecutive year. As of 3rd qrtr '07 I will no longer be selling items online due to losses. My business category for tax purposes was 446190.
During 2007, while business was slow, I created some new websites. These are strictly entertainment or informative in nature, there are no sales. However, I have numerous advertisements on thes sites that have generated good income.
I received 1099's from the advertisers.
Should I claim this income using my original biz Schedule C or must I file a seperate schedule C and just leave the business name blank on that form.
I've asked numerous people and keep getting different answers. HELP!
(and thank you in advance)
In late 2007 my business started to decline and I will take a loss for the 2nd consecutive year. As of 3rd qrtr '07 I will no longer be selling items online due to losses. My business category for tax purposes was 446190.
During 2007, while business was slow, I created some new websites. These are strictly entertainment or informative in nature, there are no sales. However, I have numerous advertisements on thes sites that have generated good income.
I received 1099's from the advertisers.
Should I claim this income using my original biz Schedule C or must I file a seperate schedule C and just leave the business name blank on that form.
I've asked numerous people and keep getting different answers. HELP!
(and thank you in advance)