topic my deductions were more than my income this year because i was getting ready to expand my business but my son died in July so closed my business in Nov. in Get your taxes done using TurboTax

my deductions were more than my income this year because i was getting ready to expand my business but my son died in July so closed my business in Nov.

littlebear0102 — Tue, 03 Feb 2026 05:18:46 GMT

Re: my deductions were more than my income this year because i was getting ready to expand my bus...

BillM223 — Fri, 24 Jan 2025 22:29:14 GMT

Enter the income and deduction items on this return (I assume we are talking about an LLC or solely owned proprietorship) for this year. The IRS does not require that a business make money every year (just most years). Document what happened and the impact it had, in case anyone ever asks (not likely).

You may have some one-time income or deduction items as you closed out your business, such as sale of assets, or conversion of business assets to personal use, and so on. Also please see this IRS page: Closing a Business or consult a local business attorney or business school.

Please accept our condolences on the loss of your son.

Re: my deductions were more than my income this year because i was getting ready to expand my bus...

littlebear0102 — Mon, 27 Jan 2025 18:53:43 GMT

Thank you, I will send the letter to the irs .