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Marvin,EA
Marvin,EA, Enrolled Agent
Category: Tax
Satisfied Customers: 1642
Experience:  Enrolled to Represent Taxpayers Before The IRS
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I took a loan to move my dance studio and pay for the ...

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I took a loan to move my dance studio and pay for the architect and contractor to build it out. I show a gross loss and don''t see the deduction/refund. I thought the expense was tax-deductible. Where do I list the cost on my tax returns?
Submitted: 6 years ago.
Category: Tax
Expert:  Marvin,EA replied 6 years ago.
Hello and thank you for using Just Answer. Are you a sole proprietorship, partnership, corporation? Do you have other taxable income?
Customer: replied 6 years ago.
Reply to Marvin,EA's Post: I am sole proprieorship

I am the owner of the dance studio and that is where I generate income.

What other taxable income do you mean?
Expert:  Marvin,EA replied 6 years ago.
Interest income, wages?
Customer: replied 6 years ago.
Reply to Marvin,EA's Post: I don't have interest income, but do pay myself as part of the payroll through the business
Expert:  Marvin,EA replied 6 years ago.

When business deductions exceed business income, an Net Operating Loss (NOL) may occur. I think you have a NOL. What type of tax software do you have?

Customer: replied 6 years ago.
Reply to Marvin,EA's Post: Yes I do have a NOL. I have successfully used Turbotax Home and Business for several years, but this is the first time I have had expenses like this.
Expert:  Marvin,EA replied 6 years ago.
Have you ever had a NOL before?
Customer: replied 6 years ago.
Reply to Marvin,EA's Post: No
Expert:  Marvin,EA replied 6 years ago.
I do not think you software can perform NOL. You are going to need a tax professional to process your NOL. It cannot be done online. But for now, complete the tax return. Attach the following statement to the return: "The taxpayer elects to waive the NOL carryback period under Section 172(b)(3) of the Internal Revenue Code." This will let you use the losses you had for 2007 in next 20 year.
Marvin,EA, Enrolled Agent
Category: Tax
Satisfied Customers: 1642
Experience: Enrolled to Represent Taxpayers Before The IRS
Marvin,EA and 2 other Tax Specialists are ready to help you

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