I’m confused - why so many losses of money? $750 in income tax? I paid 25k last year. What does this mean I don’t get what this tells us, but I’ll be honest I don’t like the way it looks. That’s my knee-jerk reaction though so take it with a grain of salt. But I kind of got angry when I saw that.
because when you have losses you dont pay taxes on what you've lost, and sometimes you've lost so much it can carry over for the next year or two.
If you lost 20k last year would you pay taxes on that?
I’m confused - why so many losses of money? $750 in income tax? I paid 25k last year. What does this mean I don’t get what this tells us, but I’ll be honest I don’t like the way it looks. That’s my knee-jerk reaction though so take it with a grain of salt. But I kind of got angry when I saw that.
(1) Those who own a lot of real estate often have losses for tax purposes due to depreciation.
(2) Although it varies from one year to the next, sometimes the "Alternative Minimum Tax" can create a tax that otherwise would be less or zero.
This makes sense, thank you!!
because when you have losses you dont pay taxes on what you've lost, and sometimes you've lost so much it can carry over for the next year or two. If you lost 20k last year would you pay taxes on that?
I was really asking a question here. I’m sorry, ya’ll, I’m still learning!! Sometimes this board can really beat you down. :(
Because you didn't have any business losses that offset your income