@SLYKTAX wrote:
- Let say with Item 1.) I also have LLC on Schedule C and I have a loss of $ 5K (starting LLC capital outlay expenses). Can I also apply LLC losses to reduce my AGI?
Yes. The net losses you sustain from your LLC's operations are ordinary losses and can be deducted from all other types of income.
@SLYKTAX wrote:
- Let say my LLC loss was $10K instead, can I use only $5K loss instead of $10K leaving another $5K for next year ? The reason being another $5K deduction does not help lowering my tax bracket.
You do not have a choice in this instance; you have to recognize the entire loss which may be used to offset all other income and may create an NOL (net operating loss).
