TaxKen
Level 2
03-21-2023
07:05 PM
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A Sch C 8829 Question regarding the limitation of 8829 expenses. If I have $400 left of Sch C income before 8829 deductions, and $2,000 of 8829 expenses, its being limited to the $400 and C/F the remaining $1,600. However, this is the final year for this sch C business, and no further business income is anticipated. Can we bypass the income limitation for the CY and claim these deductions to increase the Sch C loss in the final year? Or are these carried forward indefinitely, being essentially lost forever?
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Level 11
03-21-2023
07:12 PM
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Lost and gone forever, dreadful sorry, Clementine.
TaxKen
Level 2
03-21-2023
07:26 PM
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I really wanted to be wrong... but knew deep down that was probably the answer.
Thank you!
abctax55
Level 15
03-21-2023
08:01 PM
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Just to cross reference for future searchers:
HumanKind... Be Both