Ostroff, Fair and Company
*Ostroff, Fair and Company>>>United States Taxes

Can you claim a loss on a business if...?


Can you claim a loss on a business that has no actual income during the current tax year, if it had income in the previous year. Technically speaking this is not a new business.

Losses can only be claimed against any income.


http://www.irs.gov/taxpros/article/0,,id...


good luck Source(s): imho - mucho tax experience
Yes. As long as you do not claim losses in three of five years. If you do claim losses continually, the IRS will perceive this business to be a "hobby", and then disallow it for the current year as well as in prior years.
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