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CGCPA
CGCPA, CPA
Category: Tax
Satisfied Customers: 3739
Experience:  over 40 years experience in tax matters
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Generally speaking , as I know the answer may vary case to

Resolved Question:

Generally speaking , as I know the answer may vary case to case and ultimately will see a tax professional............I purchased an existing deli Dec of2011 for 35K. I went out of business March of 2012. I was able to sell the equipment for 5K that was all I could recovered. The initial cost , rent , advertising etc.....can it all be written off as a loss on my 2012 taxes as I did have other income as well?
Submitted: 9 months ago.
Category: Tax
Expert:  CGCPA replied 9 months ago.

Welcome to Just Answer. I am here to help you resolve your tax and finance concerns. Please feel free to ask anytime you need extra help.

 

Sorry to hear about this setback. It is a painful period in life when this happens. But, you will recover. Henry Ford experienced a number of failures before he began today's Ford Motor Company.

 

As to the losses you incurred, yes they are all able to be used to offset other income. Capital losses on items such as equipment get reported on form 4797 and transfer, ultimately, to your 1040. Other losses get reported on different scheduled depending on the business structure. If a sole proprietorship or single member LLC they will be reported on Schedule C, if an S Corp or partnership on Schedule E. If a C Corporation was used the treatment will be more complicated. Either way I recommend that you see an experienced professional to assist you in the return preparation process and to maximize your tax benefit.

CGCPA, CPA
Category: Tax
Satisfied Customers: 3739
Experience: over 40 years experience in tax matters
CGCPA and 2 other Tax Specialists are ready to help you

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