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Can business-related losses be carry forwarded

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for a disregarded-entity LLC?...
Can business-related losses be carry forwarded for a disregarded-entity LLC?
Submitted: 2 years ago.Category: Tax
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Answered in 1 minute by:
2/15/2016
Tax Professional: Mark D, Enrolled Agent replied 2 years ago
Mark D
Mark D, Enrolled Agent
Category: Tax
Satisfied Customers: 1,342
Experience: MBA, EA, Specializing in Business and Individual Tax Returns and Issues
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Hello, is the a Schedule C (trade or business) or E (rental property) LLC? What state?

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Customer reply replied 2 years ago
Schedule C (trade or business) in VA
Tax Professional: Mark D, Enrolled Agent replied 2 years 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.

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Tax Professional: Mark D, Enrolled Agent replied 2 years ago

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

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Tax Professional: Mark D, Enrolled Agent replied 2 years ago

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

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