topic There is—-I lose entire business during Covid-19’s have a 50000 lose in 2019/2020 in Get your taxes done using TurboTax

There is—-I lose entire business during Covid-19’s have a 50000 lose in 2019/2020

mcg578990 — Mon, 23 Feb 2026 09:41:20 GMT

How do I put that lose in taxes? It went in in 2020 taxes and I’ve been give 3000 a a years on taxes since then.

Re: There is—-I lose entire business during Covid-19’s have a 50000 lose in 2019/2020

Mike9241 — Tue, 31 Jan 2023 00:46:55 GMT

we can't see your returns. your question suggests that you took a capital loss on the business failure. you actually may have been entitled to an ordinary loss. perhaps you should see a tax pro to check this out. if it was reported incorrectly on the 2019 return then the correction must be filed by 4/15/2023. If it's being reported incorrectly, waiting past the above date, you can no longer fix this and the IRS could deny future deductions.

Re: There is—-I lose entire business during Covid-19’s have a 50000 lose in 2019/2020

MarilynG1 — Mon, 06 Feb 2023 19:05:39 GMT

If you reported a Capital Loss of 50K in 2020, you are correct that you are allowed a carryover loss deduction of $3,000 each year against your other income, until your entire loss is used up.

However, if you were entitled to an Ordinary Loss instead, as mentioned above, you can Amend your 2020 return to correct this.

Ordinary Loss is the loss realized by a business owner operating a business that fails to make a profit because expenses exceed revenues.

If you amend your return, type 'Schedule C' in the Search area, then click on 'Jump to schedule c'.

Enter your business income/expenses as you normally would to determine the amount of your business loss. You will be able to indicate that your business was closed and take your loss against your other income for the year.