can you take business losses as a loss

[onethatcares]

in personal income?

I was under the impression, maybe wrongly, that they were seperate entities.

[beachbum bob]

1. depends on the tax structure of the business and yes if its sometype of

pass thru, you can show all the losses and take them unlike capital gains/losses where you are limited to $3,000 max total a year loss

[onethatcares]

2. would he then be able to take

both the business loss and a personal income loss?

I'm just a little LLC and would like to do that but I don't think my accountant would go for it.

[Recursion]

3. There are different ways to structure it

So as with everything in tax law, the answer is "sometimes".

[uponit7771]

4. Depending how the schedule C is written and how its applied to schedule A