Actually, better off. Under the hypothetical the income would go on Schedule C, increase AGI and be subject to self-employment tax. The contribution would go on Schedule A and be subject to the phaseouts and limitations involved with itemized deductions.I get that part. It wouldn't make much sense to report the income on Schedule C and the contribution on Schedule A. My question is, why in the world would I have to report income on Schedule C that I most emphatically did not receive? Why is this any different than any other contribution to a charity?
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