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Tax Year Prior to 2020: 1st yr LLC (filing as Scorp) no income only expenses in '16. Wife is W2 employee so we have net income, can I deduct my business loss on our 1040?
I'm a RE Broker, I opened the business in Q4 2016 and only had advertising, misc. set-up expenses and no income yet. As I had no income, I also paid myself no salary. How does this year's loss affect my personal return and next year's business return (1120s)?
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‎June 4, 2019
2:28 PM