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rdarnahal
New Member

Can I report some lost of business on my personal tax return?

Can I report some lost of business on my personal tax return


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Marketstar
Level 7

Can I report some lost of business on my personal tax return?

If you are referring to lost business income, the IRS does not allow a deduction for income not received if you are using the cash basis of accounting-recognizing income when received

However, you can deduct any expenses incurred to produce the income not received.


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Marketstar
Level 7

Can I report some lost of business on my personal tax return?

If you are referring to lost business income, the IRS does not allow a deduction for income not received if you are using the cash basis of accounting-recognizing income when received

However, you can deduct any expenses incurred to produce the income not received.


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