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stardust-galerie
Level 2
June 1, 2019
Question

I have a one person LLC. Why can't capital loss from my personal investments -in 2018- offset my 2018 business income ?

  • June 1, 2019
  • 10 replies
  • 79 views
No text available

10 replies

Alumni - Champ
SweetieJeanAlumni - Champ
Alumni - Champ
June 1, 2019
Did you elect S Corp tax status for the LLC?
Critter
Critter
Level 15
June 1, 2019
Ok ... capital losses vs ordinary income have rules  ... the cap loss can only offset cap gain income and then only up to $3000 of loss can negate ordinary income on the return ... review the form 1040 to see how that happens.
stardust-galerieAuthor
Level 2
June 1, 2019
No, I didn't.
Alumni - Champ
SweetieJeanAlumni - Champ
Alumni - Champ
June 1, 2019
Are you saying you have a profit (not just income) on Schedule C that was not used to offset the capital loss?
stardust-galerieAuthor
Level 2
June 1, 2019
You say it can offset ORDINARY income do you mean PERSONAL ONLY? If Turbotax did not deduct it, is it because it does not work for  BUSINESS income, even if it's from a one-person LLC using the SAME tax return as the personal income?
stardust-galerieAuthor
Level 2
June 1, 2019
Yes, that's what I mean. I entered all this information in Turbotax Home & Biz, but no credit resulted.
TaxGuyBill
Level 13
June 1, 2019
Print out your tax return, and look at Schedule 1.  What is on Line 12?  What is on Line 13?
Alumni - Champ
SweetieJeanAlumni - Champ
Alumni - Champ
June 1, 2019
<a rel="nofollow" target="_blank" href="https://www.irs.gov/pub/irs-pdf/f1040s1.pdf">https://www.irs.gov/pub/irs-pdf/f1040s1.pdf</a>
stardust-galerieAuthor
Level 2
June 1, 2019
Oh yeah, right. There IS a $3000 credit on the income. Thanks!
Alumni - Champ
SweetieJeanAlumni - Champ
Alumni - Champ
June 1, 2019

Solved in comments.

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