forwarding loss

Forum|Forum|5 years ago
February 12, 2021
15 replies
107 views

how can i carry loss from last year it was for business set up, about $16000

This topic has been closed for replies.

You need to provide a lot more details, such as what software you are using, what created the loss, why it was not able to be used, and more. The more details you can provide, the more likely someone would be able to help you.

A

Anonymous

Ok I’m using qbonline, the guy started his business on oct/19, it was a startup expense he signed up with qb on Jan/20.
My question is how much can I forward from the loss which is 16000 to 2020 by the way his net income is 55000 the other question what tool can I use is journal entry fine or there’s a better way.
Thanks

qbteachmt

Level 15

If the tax preparer did not prepare last year's tax return, they MIGHT also need a list of all depreciable assets from prior years, along with the date each asset was "placed in service" and the Basis (usually the cost).

Ideally, that information should be on a worksheet with the previous tax return, but sometimes it is not included, in which case they may need the information about the depreciable assets from you.

That's assuming a 2019 was already prepared. And this discovery process is part of supporting your client. I call it "playing Sherlock Holmes."

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