Welcome Guest. Register Now!  


Itemized Deductions Schedule-A


Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 02-03-2009, 04:01 PM
Junior Member
 
Join Date: Feb 2009
Posts: 2
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



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 02-04-2009, 02:44 AM
TaxGuru's Avatar
Tax Guru
 
Join Date: Jan 2007
Location: New Jersey, USA
Posts: 2,399
Blog Entries: 3
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.

__________________
Find a CPA near you!

Ask TaxGuru Please refer to the legal disclaimer.


Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Choose the Tax Form 1040 that Best Fits Your Needs Samatg For 2008 0 01-12-2009 04:33 PM
Form 1040 Instructions for 2008 - Draft Available? SurferDude Itemized Deductions 1 09-16-2008 11:28 AM
Form 6781 and line 6 (whether to carry back loss) 6781 Capital Gains 0 08-05-2007 01:45 AM
What 1040 Form is best for me? 1040Ez or 1040A? beedab Miscellaneous 1 01-27-2007 12:17 AM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning