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Updated almost 7 years ago on . Most recent reply

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Sean Carroll
  • Investor
  • San Jose, CA
254
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453
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LLC and business expenses

Sean Carroll
  • Investor
  • San Jose, CA
Posted

I am sitting here at HR Block and they are saying I can no deduct my LLC business expenses from my 2017 W2 income, is this correct or no?

Essential I have 1 rental that brought in $8750

But between all my expenses I am seeing a total loss of approx. $17,000 between flights, office supplies, ect. 

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Daniel Hyman
  • CPA
  • Milwaukee, WI
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Daniel Hyman
  • CPA
  • Milwaukee, WI
Replied

W-2 income and rental income are two totally different animals. Rental income and expenses go on schedule E. Sounds like there may be some type of communication breakdown between you and the tax preparer.

  • Daniel Hyman
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