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Cherrydan1
Returning Member

Schedule C information

I entered all my business expenses just like last year and the years before.  This year, the total does not show up.

I need help to get this $19,000 deduction schedule C

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1 Reply

Schedule C information

Switch to Forms Mode and open schedule C and see if they are there or look around on other forms.  Did you check box 32b on schedule C instead of 32a?

 

Some expenses, such as home office or section 179 depreciation can only be used to reduce your schedule C taxable income to zero, and not to create a loss. Excess deductions for these carry over to the next year.  And you have to answer yes to both questions about exclusive and regular use, not just one.  The area of your home office must be used regularly and exclusively for business to deduct it.

 

Or you checked the box on 32b saying Some Investment is Not at Risk.

 

If you have money not at risk you can not take a loss on schedule C. If you don't know what it means then probably All your Investment is at Risk (check Box 32a). It means you are using your own money for the business.  People usually check the wrong box.

 

 

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