prop tax question....

G

Green_Ring

in 2009

- made $16,000 with a W2
-lost $12,000 with a prop firm
-made $4,000 with another firm
-had $6000 of expenses (computer, office rent, trading classes)

both are typical LLC models


Can I take my k1 losses with my expenses and offset this with my w2 income? I have not called an accountant yet, so that is why Im asking


$16,000 + $4000 = $20,000 total income
$12,00 losses + $6000 expenses = -$18,000 ???? = $2,000

?????

thanks
 
Quote from Green_Ring:

anyone?
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I'm only replying because no one else has. I know little about this, so take it at that. I suspect you can't offset that loss because there is a $3,000 investment loss limit. I hope I'm wrong, but you'll need to go to a real accountant who understands tax law for a real answer. Don't do your taxes based on a web forum.
 
I am not sure, I am not a professional. But I believe you can claim the k1 as business expenses, thus taking away from earned income.
 
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