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Mark D
Mark D, Enrolled Agent
Category: Tax
Satisfied Customers: 1250
Experience:  MBA, EA, Specializing in Business and Individual Tax Returns and Issues
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Can business-related losses be carry forwarded

Customer Question

Can business-related losses be carry forwarded for a disregarded-entity LLC?
Submitted: 9 months ago.
Category: Tax
Expert:  Mark D replied 9 months ago.

Hello, is the a Schedule C (trade or business) or E (rental property) LLC? What state?

Customer: replied 9 months ago.
Schedule C (trade or business) in VA
Expert:  Mark D replied 9 months ago.

Thanks. The loss on Schedule C would offset your other income on form 1040. If the result is a negative number, that could create a Net Operating Loss that can be carried back or carried forward on your personal taxes. There will be no direct LLC loss. It will all be reflected on your personal return.

Expert:  Mark D replied 9 months ago.

Did that clarify my answer? If so please rate as that is how I am paid.

Expert:  Mark D replied 9 months ago.

Hello, did that answer your question? Please rate if so.