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Listed as sole proprietor. When clicking around on the TurboTax web site, I said no risk to business investment at risk

Forum|Forum|4 years ago
February 1, 2022
1 reply
3 views

The more reading I do, on the Turbo Tax web site, in fact...it mentions that as a sole proprietor, it is rare to say no risk. Which, looking back, makes sense.

However, now that I entered that, how can I go back and make the adjustment. Obvious if anything goes wrong with the business, as I understand it, I am the one responsible, because I run it alone.

Best answer by ColeenD3

You are at risk for the amount of money you have invested into the company.

Please see this answer from HelenC12.

Yes, you are 'at risk' if you could lose your money and/or property that you put into a business (Limited Partnership).

Amounts not at risk include nonrecourse financing, or guarantees or agreements that limit the losses of the taxpayer.

Additional info: IRS Form 6198 At-Risk Limitations

Level 15

You are at risk for the amount of money you have invested into the company.

Please see this answer from HelenC12.

Yes, you are 'at risk' if you could lose your money and/or property that you put into a business (Limited Partnership).

Amounts not at risk include nonrecourse financing, or guarantees or agreements that limit the losses of the taxpayer.

Additional info: IRS Form 6198 At-Risk Limitations