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Deductions & credits
you need to see a pro to fix your prior filing to the extent possible. those business expenses should have been reported on Schedule C even if you had a loss. the problem is that if you had an NOL for a year the loss had to be carried back(if no carryforward election was made which based on how you reported seems likely) only any remaining NOL from the carryback year could be carried forward.
the other issue a pro needs to look at is whether or not you really had a business. losses year after year might be deemed hobby losses and then you get the worse of all possible scenarios. hobby income becomes taxable but expense may not be deductible
March 9, 2022
10:01 AM