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Kingkamandi's avatar

Can my business expenses be written off against my wife's income since we file jointly?

Asked by Kingkamandi (149points) January 9th, 2008

I started a new biz at the end of 2007 (a sole proprietorship) and made very little money. Since I have business expenses that far outweigh the business’ actual income, can I use the expenses as a deduction against my wife’s income since we file jointly?

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2 Answers

srmorgan's avatar

I am not strictly a tax practitioner or expert and this is sketchy advice, however,

your business income and expenses go on the schedule C and pass through to the 1040 form, it would then be combined with your own W-2 income, that of your wife, any other 1099 income, interest etc.
So if you are filing jointly the quick answer is yes.

This is not intended as legal advice and you should consult a qualified tax practitioner for a definitive answer.

Kingkamandi's avatar

Thanks a lot!

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