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    shua2k's Avatar
    shua2k Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Mar 28, 2008, 12:13 PM
    WHere to report overseas BUSINESS Income?
    I am an Aussie living in the US on an E-3, I have been here since late 2006. I have side income ($AUS coming into my Australian bank account) from an eBay business located in Australia, and I believe I must report this for my 2007 US tax return.

    Where and how would I report this on the 1040? Do I report it as net income, or must I separate income from expenses etc.

    There does not seem to be anything written about this anywhere. Any help would be appreciated

    Thanks!
    IntlTax's Avatar
    IntlTax Posts: 831, Reputation: 23
    Tax Expert
    		  
    #2

    Mar 28, 2008, 12:42 PM
    See schedule C of Form 1040. The net income will show up on line 12 of Form 1040.
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
    		  
    #3

    Mar 29, 2008, 10:44 AM
    Yes, if you are fining a resident tax return, you will report the self employed income on schedule C (Form 1040) and also deduct your business related expenses on schedule C. The net income on schedule C is subject to SE tax, even if it is from a foreign business.

    The treatment is just like if you get a 1099-Misc in the U.S.
    Read: Your U.S. Tax Return: W2 or 1099: Employee or Independent Contractor.
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