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I sold some business assets in 2009. I reported the sales to

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the IRS using the installment...
I sold some business assets in 2009. I reported the sales to the IRS using the installment payment method, but I realized this year that those assets that I sold for a loss should have been reported using Form 4797. I have gone back and amended my 2009 1120S to reflect the change. But now that I have gone back and redone my 2009 business taxes I have a much larger loss than before. When I input my new K1 statement my personal AGI goes from $36,000 to a negative $6788. I had such a large loss in 2009 to begin with that I recieved my entire tax return for 2009. My question is can I carry over this loss to 2010? Because is does me no good in 2009.
Submitted: 6 years ago.Category: Tax
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2/2/2011
Tax Professional: RD, Certified Public Accountant (CPA) replied 6 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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RD :

You can only carryover the unused loss from 2009. First the loss will offset your income in 2009 and only excess loss will be carried forward. You cannot elect to use the loss in 2010 and not it 2009.

JACUSTOMER-vcxuv4fk- :

How do you show the IRS that I am doing this. I have searched the IRS website for help and waited for 4 hours on the phone to try and figure this out. The sale of the assets were done on FORM 4797 and not SCHEDULE D.

RD :

The loss from K-1 will generate Form 4797 on your Form 1040 and presuming that you are not a passive investor and have basis in the stock, this loss will offset your other income on Form 1040 page 1.

RD :

Any loss will be carried forward. You can complete Form 1045 page 2 to determine the loss carried forward.

RD :

The loss will be carried back unless you elect to carry it forward.

JACUSTOMER-vcxuv4fk- :

Thank You I will give it a try.

RD
RD, Certified Public Accountant (CPA)
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