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Schedule C loss carryforward??

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charliebilly

Junior Member
North Caroliana; I have a loss for the first time on the Schedule C anticipated for 2007...in my mock up of the return it is reported on line 12 Bus Inc/Loss and produces a reduction of income which THEN is wiped out altogether by my itemized deductions which are substantially more than the adjusted gross income. DO I EVER GET TO "BENEFIT" FROM THE DIFFERENCE as a "carryforward loss"
 


LdiJ

Senior Member
North Caroliana; I have a loss for the first time on the Schedule C anticipated for 2007...in my mock up of the return it is reported on line 12 Bus Inc/Loss and produces a reduction of income which THEN is wiped out altogether by my itemized deductions which are substantially more than the adjusted gross income. DO I EVER GET TO "BENEFIT" FROM THE DIFFERENCE as a "carryforward loss"
In this instance no, you do not have a carryforward. You were able to take the entire loss against current income. You only get a carryforward if the loss is greater than your current income.
 

charliebilly

Junior Member
SO it is quite different from the C corp.....As I have a C corp also and I am the sole stockholder, I guess this would be a good year to up my salary in that the excess itemized deductions would have something to be applied to.
 

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