Spent More Than Made

[daycare]

Got my taxes done and I spent $3300 more than I made. The tax person told mr that I can't claim more than I made. Do she told me to **** up the additional money I spent???
Is this correct?
Example let's say I made 10,000 spent 13,000 she said I can only claim the 10k

[momofsix]

...and people think we make so much!

Sorry, I don't know the answer. Wouldn't that count as a business loss then? I think Tom mentioned you could have them for a few years, just not continually.

[Missani]

I had a loss this year, so I know it can happen. I don't know why the tax person would tell you that, but it doesn't sound right to me.

[daycare]

I thought it didn't sound right but I just wanted it over with so I asked her to file it.

[DancingQueen]

um.. I think that is NOT true. But I'm no expert.

[MyAngels]

I'm definitely not an expert, but it sure seems that you could carry the loss forward to next year. Hopefully Tom will chime in with an answer. If he doesn't you could probably post this in the tax section, too, and he might see it there.

[juliebug]

you can carry the loss over to next year. i have done it before

[Symphony]

You need a new tax person girlfriend!

[daycare]

Lol trust me I searched high and low but I will be looking now for next year

[wdmmom]

I would find a new tax person and ask their advise on amending your return. If you are going to gain an additional refund, I would definitely do it!