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MequonCPA
MequonCPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2342
Experience:  CPA, Over 30 yrs experience w/individuals and small businesses. Masters in Tax.
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Can I claim 64,000 dollar loss on my daycare business if my

Resolved Question:

Can I claim 64,000 dollar loss on my daycare business if my cliental has dropped causing me to lose 64,000 $
Submitted: 7 years ago.
Category: Tax
Expert:  MequonCPA replied 7 years ago.
Dear Athena -

You cannot claim the loss. You will just report less income during the year.
Customer: replied 7 years ago.
Thank you i appreciate this answer but if i gave away a million books could i claim that as a lost
Expert:  MequonCPA replied 7 years ago.
Dear Athena -

You could be allowed a charitable deduction for the donation of the books. There are numerous variables involved in determining the amount of the deduction. I have provided a link to IRS Publication 526 Charitable Contributons, that fully explains the area.


http://www.irs.gov/pub/irs-pdf/p526.pdf
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