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Stan500
New Member

I have $900 business expenses for fees etc. Made no income as in past years. Plan to have income again. Thought it would generate carry over loss. Only income $10 royalty

I had income in 2013, 2014 and 2015 and expect to have income in 2017. I have about $2 on a business savings account and $10 from a very small portion of an oil well.  I thought entering expenses would generate a carry forward loss, but my return shows it for this year. I've also been told that if I don't report anything this year but start up again in 2017 it mostly likely would trigger an audit. Should I leave out the expenses or is there a way to have TT set up a carry forward?
1 Reply
psistar7
New Member

I have $900 business expenses for fees etc. Made no income as in past years. Plan to have income again. Thought it would generate carry over loss. Only income $10 royalty

These amounts are too small to trigger and audit.  At most you may get an inquiry letter, and your attention to detail for even these small amounts--in the right tax year--will work to your favor.

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