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Get your taxes done using TurboTax
For the LLC (owned 50-50 with my wife)
- we gave 1099 to the contractors (painting/carpeting/etc) and filed correspondingly with IRS for that
- we sent these forms to IRS: 1065 (which includes separately also schedules B-1, K-1, besides schedule B, K, L, M-1, M-2 inside the 1065 form), 8825, 4562
So my family income from salaries cannot be offset (this year, at least) with the losses from the LLC. What about next year (when I'll file for this year, 2022) - should I be able to deduct (all or some) of the 2021 losses from the LLC 2022 income (which income I hope to have next year)?
I do have the desktop version of Home & Business TT but it seems it's not really good for my case, probably I should have bought two TT, one for business only and one for home. This year, at least the business part, I filed manually, by post.
It was impossible also to get any help from IRS. I guess they're busy auditing.
Tks a lot,