My question involves business law in the state of:California
I closed a sole proprietorship but did not sell off my inventory for 2 years. I sold it in its entirety for 20,000. The value of the inventory was 120,000. At the time, I did my own taxes through TAX ACT. It was my understanding that I could write off the loss over the next 20 years on my regular income. TAX ACT has only allowed me a 3,000 carry forward loss on an annual basis.
At that rate, I will not get the benefit of my $95,000 loss over twenty years. Is there a way to remedy this?
I closed a sole proprietorship but did not sell off my inventory for 2 years. I sold it in its entirety for 20,000. The value of the inventory was 120,000. At the time, I did my own taxes through TAX ACT. It was my understanding that I could write off the loss over the next 20 years on my regular income. TAX ACT has only allowed me a 3,000 carry forward loss on an annual basis.
At that rate, I will not get the benefit of my $95,000 loss over twenty years. Is there a way to remedy this?
Business Regulation: Losses on Inventory Sales After Business Closes
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