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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region Forumscan you take business losses as a loss
in personal income?
I was under the impression, maybe wrongly, that they were seperate entities.
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can you take business losses as a loss (Original Post)
onethatcares
Oct 2016
OP
beachbum bob
(10,437 posts)1. depends on the tax structure of the business and yes if its sometype of
pass thru, you can show all the losses and take them unlike capital gains/losses where you are limited to $3,000 max total a year loss
onethatcares
(16,173 posts)2. would he then be able to take
both the business loss and a personal income loss?
I'm just a little LLC and would like to do that but I don't think my accountant would go for it.
Recursion
(56,582 posts)3. There are different ways to structure it
So as with everything in tax law, the answer is "sometimes".
uponit7771
(90,347 posts)4. Depending how the schedule C is written and how its applied to schedule A