- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Business & farm
The taxable loss figure looks correct based on what numbers you provide here.
$30,000 of the money you received has to be paid back, and that was used to finance much of the $46,000 loss. An additional $26,000 came from non-taxable grant money.
As you pay back the $30,000, you won't be able to deduct it, so it is sort of like you get the loss deduction up front, then you'll pay taxes on income in future periods. So, it all makes sense.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
**Mark the post that answers your question by clicking on "Mark as Best Answer"
March 4, 2021
8:47 PM
5,205 Views