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I am filing married my husband got a w2 and a misc. 1099. I had unemployment paid no taxes and am filing as a business no DBA just my own name 1099 5000. I claimed a loss of 7000. is OK?
Wiki User
∙ 16y ago
Sure....it is what it is...you lost money in, or trying to do, business, as reported on your Sch C I presume. (Which would also seem to support 5K of sales/receipts and 12K of expenses...to make a 7k loss). Too many years in a row of losing and if it is a serious business (compared to a non deductible hobby) becomes a question. But it is certainly common for many things, say a real estate investor, to run losses for many years, until they complete a deal (sell something) that makes money. Start ups almost always do.
And to be clear, you are filing those activities as a DBA, (that is Jane Smith, Business Person or whatever), not as the business as a separate entity or corporation.
Your independent job search, if your doing one along with trying to get your business up, is a personal deduction, not a business one.
Also, Unemployment (while maybe not withheld) can and generally is taxable Federally, but maybe not in the state it's from. Do not include unemployment compensation in your wages. Instead, enter the amount on line 19 of Form 1040, line 13 of Form 1040A, or line 3 of Form 1040EZ.
Wiki User
∙ 16y ago
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