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I have a client who has a small service business (receives Form 1099-MISC) in addition to her main job as an employee (receives Form W-2).

wethepeople
Level 3

After deducting expenses, including an office at home, and carryover losses there is a loss for 2018. Are the provisions of the TJCA applicable or would filing be the same as 2017?

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IRonMaN
Level 15

20% times zero equals zero, so the return should look pretty much the same as last year ------------ ignoring the sporty postcard design.


Slava Ukraini!

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6 Comments 6
IRonMaN
Level 15

20% times zero equals zero, so the return should look pretty much the same as last year ------------ ignoring the sporty postcard design.


Slava Ukraini!
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abctax55
Level 15

But make sure you track that loss, and carry it to 2019 for future adjustment to QBI.

"*******Tax software is no substitute for a professional tax preparer*******
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rbynaker
Level 13

What are carryover losses?

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wethepeople
Level 3
Resulted as expenses including office at home deduction were greater than the gross income reported on Form 1099-MISC.  The schedule C deductions were limited to the gross income and the excess were carried over to future years.
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rbynaker
Level 13
Thanks.  So how are those carryover losses able to create a Sch C loss in 2018?
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wethepeople
Level 3
Schedule  C shows no profit or loss as the loss that resulted from the office at home deduction gets carried over to future years,
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