Solved: I have a loss on my Schedule C but it does not show on the 1040 page 1. I noticed the same issue with my 2017 returns (already filed)
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I have a loss on my Schedule C but it does not show on the 1040 page 1. I noticed the same issue with my 2017 returns (already filed)

 
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I have a loss on my Schedule C but it does not show on the 1040 page 1. I noticed the same issue with my 2017 returns (already filed)

Does it show zero instead of your loss?  Some expenses, such as home office or section 179 depreciation can only be used to reduce your schedule C taxable income to zero, and not to create a loss. Excess deductions for these carry over to the next year.  And you have to answer yes to both questions about exclusive and regular use, not just one.  The area of your home office must be used regularly and exclusively for business to deduct it.

Or you checked the box on 32b saying Some Investment is Not at Risk.

If you have money not at risk you can not take a loss on schedule C. If you don't know what it means then probably All your Investment is at Risk (check Box 32a). It means you are using your own money for the business.  People usually check the wrong box.

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Highlighted
Level 15

I have a loss on my Schedule C but it does not show on the 1040 page 1. I noticed the same issue with my 2017 returns (already filed)

Does it show zero instead of your loss?  Some expenses, such as home office or section 179 depreciation can only be used to reduce your schedule C taxable income to zero, and not to create a loss. Excess deductions for these carry over to the next year.  And you have to answer yes to both questions about exclusive and regular use, not just one.  The area of your home office must be used regularly and exclusively for business to deduct it.

Or you checked the box on 32b saying Some Investment is Not at Risk.

If you have money not at risk you can not take a loss on schedule C. If you don't know what it means then probably All your Investment is at Risk (check Box 32a). It means you are using your own money for the business.  People usually check the wrong box.

View solution in original post

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