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Disabled retired from the USPS in 2002. Started a small restaurant

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in 2008 and ceased operations...
Disabled retired from the USPS in 2002. Started a small restaurant in 2008 and ceased operations in November of same year. Spent tons of money on business rent and operations but did not break even. Have every receipt of all the supplies and inventory I purchased. Can I file as a business loss and recoup any of my expenses/investment?
Submitted: 8 years ago.Category: Tax
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Answered in 59 minutes by:
4/1/2009
Tax Professional: RD, Certified Public Accountant (CPA) replied 8 years ago
RD
RD, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 8,784
Experience: CPA, MBA, Over 10 yrs of experience in tax planning and business consulting..
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Yes, you can claim the business expenses(and hence the loss if the net is negative) that you incurred if you started the business but than closed it later in the year.

 

 

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.

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