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bassviolone
Returning Member

Can I leave an IRS memo to a form to explain the loss. In other words, I am 74, trying to downsize, dispose and close the business.

I want to post an IRS note explaining the following business loss on Schedule C Business Form:

I am 74 years old, ill,  and trying to downsize, dispose and close my business.  

1 Best answer

Accepted Solutions
MichaelL1
Level 15

Can I leave an IRS memo to a form to explain the loss. In other words, I am 74, trying to downsize, dispose and close the business.

To do this you will need to paper file the tax return.

Keep it short, factual and in bullet form for an easy read along with a copy kept.

They may still ask about it, and much is done by computers and narratives are not entered into the computer and are seldom looked at.

However the choice is yours to include the narrative or not.

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1 Reply
MichaelL1
Level 15

Can I leave an IRS memo to a form to explain the loss. In other words, I am 74, trying to downsize, dispose and close the business.

To do this you will need to paper file the tax return.

Keep it short, factual and in bullet form for an easy read along with a copy kept.

They may still ask about it, and much is done by computers and narratives are not entered into the computer and are seldom looked at.

However the choice is yours to include the narrative or not.

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