Legal Question in Tax Law in New York

Can You Still Take a Business Loss ?

I'm filling out Form 8829 expenses for business use of your home. Line 25 says allowable operating expenses - �enter the smaller of line 15 (amount of net income from schedule C) or line 24 (allocated home expenses)It seems to be saying that you can't have a loss. I am confused. Help!

can you still have a business loss?


Asked on 5/12/02, 3:37 pm

1 Answer from Attorneys
Walter LeVine Walter D. LeVine, Esq.

Re: Can You Still Take a Business Loss ?

Simply put, home office expenses cannot generate a loss, or make a loss greater. These deductions can only be used to reduce taxable income, but not below zero.

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Answered on 5/13/02, 2:43 pm


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