Hi I have a small business and have carryover of expenses that were not allowed in 2005 as I posted a loss that year. I have money in line 41 of the 2005 form 8829. I want to apply those carryovers to this years taxes and am unsure where to do it on the forms. My tax software says I need to attach a statement when I enter the carryovers. What do I enter as my statement and where (on which form) is the carryover amount entered? DO I need to file a form 1045 as well?
2007-03-16 09:52:29 · 3 answers · asked by enig m 1 in Business & Finance ➔ Taxes ➔ United States
I think between you and the program are confusing two different carryovers. I think the information you are entering is being placed in the wrong place as a Net Operating Loss If you did not have a negative AGI on your 2005 return than you did not have a Net Operating Loss.
What it sounds like to me is that you have a carry-forward of business use of your home. That carry-forward is entered on Form 8829 on line 24 and there are no attachments required. There should be a question in the same section as you are entering your household expenses for the carry forward from the previous year.
2007-03-16 13:08:25 · answer #1 · answered by jks_mi 3 · 0⤊ 0⤋
The amount from line 41 of the 2005 Form 8829 would be carried forward to the 2006 Form 8829 line 24.
http://www.irs.gov/pub/irs-pdf/f8829.pdf
2007-03-16 11:59:15 · answer #2 · answered by tma 6 · 0⤊ 0⤋
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2007-03-16 09:55:55 · answer #3 · answered by hillary c 2 · 0⤊ 3⤋