I am a legal guardian for someone. I incurred various expenses associated with the guardianship. Do I report my income and expenses on Schedule C?

I am a legal guardian for someone. I incurred various expenses associated with the guardianship. Do I report my income and expenses on Schedule C?

Those who serve as fiduciaries, such as executors of an estate or legal guardians like yourself, report income and expenses on Schedule C only if their fiduciary activities are a business. If, for example, someone acts as the executor of a parent's estate, they report their income as "other income" on Form 1040 and deduct any related expenses as a miscellaneous itemized deduction. The distinction in reporting is important — net income on Schedule C is subject to self-employment tax.