Form 8829 Carryover from Operating Expenses and closing business?

Question

I have had a personal business run from my home for the last 10 years, but last year I had no income and am now closing the business. I have money in the "Carryover of operating expenses from 2005 Form 8829, line 41". I was told I could write this off on this year's taxes, but how do I do this? I have no equipment, inventory, or other assets that are being sold or need depriciating.

Answer 1

If you will not be filing Form 8829 for 2006, you cannot use the carryover of operating expenses. You cannot use expenses for Business Use of Your Home to generate a loss.

Since you had no income in 2006, the carryover cannot be applied against your income.

Answer 2

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