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Am I doing carryover loss for my self employment correctly?
I earned about $650 from self employment in 2023,
but won't receive the funds in my bank account until early 2024.
From my research, that means I should treat it as 2024 income.
I also purchased $1,500 in equipment for the business in 2023.
So, because I don't count the $650 as 2023 income, but
the $1,500 expense did occur in 2023 - I claim the full $1,500 as a loss, is that right?
In other words, my income for 2023 will be -$1,500?
If that's right, I believe I can carry over this loss to 2024, to reduce
my 2024 self employment income, is that right?
I have no other income (like W2 income).
Thanks!
Topics:
‎December 26, 2023
6:29 AM