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Itemized Deductions Schedule-A


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Old 02-03-2009, 04:01 PM
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Line 12 of form 1040

If I am an agent for Farmers Insurance, and my expenes during the year
were say 5000 and my income was only 600. can i deduct that 4400 on line
12 as business loss?

please email to

[email protected]

thanks

mark



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Old 02-04-2009, 02:44 AM
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I would like to know why your expenses were disproportionately so much higher than your income? Did you incurr office expenses, rent, computer charges, training and educational expenses that you can prove?

If you can demonstrate that you were serious about this business, then the answer may be yes, you would be able to deduct the loss.

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