In 2018, my net profit was negative on my schedule...
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amy-panoni
New Member

In 2018, my net profit was negative on my schedule C. In 2019, my expenses were greater than my income, but the system says my net profit is $0. Why isn't it negative?

 
4 Replies
DianeC958
Expert Alumni

In 2018, my net profit was negative on my schedule C. In 2019, my expenses were greater than my income, but the system says my net profit is $0. Why isn't it negative?

There is a question you need to answer if all of your investment is at risk, if you have not answered the question to indicate that all of your investment is at risk, your loss is limited to $0.

 

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AbueloTomas
New Member

In 2018, my net profit was negative on my schedule C. In 2019, my expenses were greater than my income, but the system says my net profit is $0. Why isn't it negative?

Using TurboTax Premier 2018, the at-risk box is checked and all related questions are answered in the same manner.  But TurboTax resolutely refuses to calculate a net loss on Schedule C.  How can I fix this? 

AbueloTomas
New Member

In 2018, my net profit was negative on my schedule C. In 2019, my expenses were greater than my income, but the system says my net profit is $0. Why isn't it negative?

I just upgraded to Home & Business 2018, but the result is the same:  the software incorrectly refuses to calculate a net loss on Schedule C with active participation where all amounts are at risk. 

AbueloTomas
New Member

In 2018, my net profit was negative on my schedule C. In 2019, my expenses were greater than my income, but the system says my net profit is $0. Why isn't it negative?

Nevermind.  Sec. 179 expenses cannot create a Sch C loss if there is no other earned income.  The software appears to be distressingly correct.  See https://ttlc.intuit.com/community/business-taxes/discussion/are-you-able-to-use-section-179-deprecia...

However, the software doesn't tell you that, nor does it offer algorithms for maximizing the deductibility of the durable item expenses. 

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