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Can I claim 64,000 dollar loss on my daycare business if my

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cliental has dropped causing me...
Can I claim 64,000 dollar loss on my daycare business if my cliental has dropped causing me to lose 64,000 $
Submitted: 8 years ago.Category: Tax
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10/1/2009
Tax Professional: MequonCPA, Certified Public Accountant (CPA) replied 8 years ago
MequonCPA
MequonCPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2,342
Experience: CPA, Over 30 yrs experience w/individuals and small businesses. Masters in Tax.
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Dear Athena -

You cannot claim the loss. You will just report less income during the year.
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Customer reply replied 8 years ago
Thank you i appreciate this answer but if i gave away a million books could i claim that as a lost
Tax Professional: MequonCPA, Certified Public Accountant (CPA) replied 8 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
MequonCPA
MequonCPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2,342
Experience: CPA, Over 30 yrs experience w/individuals and small businesses. Masters in Tax.
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