I have to file taxes for 06, 07, 08 - that is why I need guidance on the best way to move forward that gives me the best way to recover.
Did not sell busines sin 07, just went under.
Let me know if you have any question.
Please note: This advice is provided with the understanding that all the relevant facts have been provided by you. Any change in facts might affect the advice given and hence may not be relied on in such cases. Nothing contained in this reply was intended or written to be used, can be used by any taxpayer, or may be relied upon or used by any taxpayer for the purposes of avoiding penalties that may be imposed on the taxpayer under the Internal Revenue Code of 1986, as amended.
Understood - and I have 90% of those tax forms filled out - I am looking for guidance as to which forms to fill out and where (what line item) to claim the loss, that will cover this.
So specific guidance for Schedule C, form 4562, section 179 deductions if requited.
As stated before the instuctions are not clear, I do not know where to place the loss so that it will 'count properly' - I read 179 to mean that it could only be counted against business 'profits' claimed. Since I am not claiming profit...I am confused.
Sorry for the delay - sick kids this weekend. I will clear this up today and approve...
To verify - our business was an LLC - form 4797 is still appropriate? I read the instructions and it is not apparent where to fill out the 'sale' loss of out initial purhase price of 300K.
This form links directly back to the 1040 or to a line on the Schedule C for 2007?
Just want to ensure I get the right data flow and do not leave anything out?