shedule c loss

[mike061]

I have a question about a schedule c loss generated this year that does not appear to have been taken ( maybe I am just looking in the wrong place)  and was not carried over. Someone told me that this loss would be lost for good unless I itemized, Is this the case?

[Just-Lisa-Now- · Accepted solution]

You mean the loss didnt flow to the front page of the 1040? (or I guess its Sch 1, Line 3  nowadays)

Schedule C loses have nothing to do with itemizing....are you a professional tax preparer?

I think you may be in the wrong place...this forum is for tax professionals using Intuit's professional tax software, it appears you may be looking for DIY help.

Please visit the TurboTax Help site for DIY support, they may be able to help you.

[mike061]

This is actually my very first year as a preparer Lisa and I am full of questions. I am trying to track things on an excel spread sheet to develop an understanding of what pro-series is actually doing. Now that you mentioned that the loss should flow to (Schedule 1 line C) I was able to reverse engineer and see what was going on. This client had a second company with positive income. Pro-series used the loss generated by the first company to offset the positive income of the second company. Thanks so very much! You rock.

[Just-Lisa-Now-]

Ahhh, ok. Yes, sometimes you just have to follow the money!