Message Font: Serif | Sans-Serif
 
UnThreaded | Threaded | Whole Thread (3) | Ignore Thread Prev Thread | Prev | Next | Next Thread
Author: JoserFool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121144  
Subject: Freelance start-up losses Date: 12/5/1998 8:28 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
I am going to start doing some Freelance (Sole Proprietership) work soon. I would like to know if my computer and office equipment that I buy this year (solely for business use) can be subtracted from my income as a Business loss this year. I will have very little income from my freelance work this year. Can I decuct all my expenses as income loss in this year (or can I only deduct against income I bring in from my freelance work)? Would that count as lowering my AGI for this year? My wife and I will be close to the 100,000 household income limit this year for converting regular IRA to Roth. If I could use my Freelance expenses as a business loss against our 1998 AGI it might mean the difference between being able to make the ROTH conversion or not. Thanks for any help\advice you can give.
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (3) | Ignore Thread Prev Thread | Prev | Next | Next Thread

Announcements

Disclaimer:
In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
Post of the Day:
Macro Economics

U.S. Stable, Europe Stalling
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement