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I am being audited and IRS is questioning the 465(d) amount…

I am being audited...

I am being audited and IRS is questioning the 465(d) amount that was carried over from 2014 to 2015 by my Turbo Tax. What is this?

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

My wife is self employed and had a large amount of expense and her income was low due to shoulder surgery in 2015. She works out of our home.

Accountant's Assistant: Is there anything else important you think the Accountant should know?

No, except 2014 schedule C there is 0$ income or loss. That was determined by Turbo Tax as well.

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Answered in 3 hours by:
3/19/2018
Stephen G.
Stephen G., Sr Income Tax Expert
Category: Tax
Satisfied Customers: 7,407
Experience: Extensive Experience with Tax, Financial & Estate Issues
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Internal Revenue Code 465(d) refers to the "At Risk" rules.

Section 465 (d) carryover refers to the at-risk rules of Section 465 of the Internal Revenue Code. Your losses are limited to the amount you have "at risk" in the activity. A loss that was disallowed because of the at-risk rules is generally treated as a deduction from the same activity in the following tax year (a carryover).

The figure you see for Section 465 (d) carryover is the amount of loss you weren't able to take last year and may be able to take this year.

You may not have checked off the "At Risk" box on Schedule C, basically indicating that you (or your wife) was responsible for all of the expenses claimed on Schedule C in excess of revenue.

You'll have to wait to see exactly what they are asking about your 2015 return as it relates to the carryover from 2014.

Let me know if you have any follow-up questions.

Please remember to rate my response as that is the only way the SITE will credit me for assisting you.

Thanks very much,

Steve G.

Stephen G.
Stephen G., Sr Income Tax Expert
Category: Tax
Satisfied Customers: 7,407
Experience: Extensive Experience with Tax, Financial & Estate Issues
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