bubbadirect
03-25-2017, 02:56 PM
Good afternoon everyone. First time poster here on this amazing forum. If this isn't the right area to post this question, please direct me!
A few years back, I lost quite a bit (to me) of money trading futures and commodities. My 2016 Net Long Term Loss was -133,000 and the short term loss was -66,000. This totaled -199,000 on Schedule D. I am starting my own business (I'm a 1099 now), and launching it within a week. I have NEVER been self employed, so this year will be a challenge and learning experience in figuring out what to do and not do.
When I become profitable, my understanding is that I will need to go the route of S Corp or LLC, as a home based life insurance broker. But I could be wrong. AGAIN, I have never had to do this before.
My question is when I show a PROFIT on Schedule C, will the LOSSES from Schedule D continue $3,000 every year? Or would the profit NOT BE TAXED because of the previous short and long term carryover losses?
Thank you so much in advance,
Bubba
A few years back, I lost quite a bit (to me) of money trading futures and commodities. My 2016 Net Long Term Loss was -133,000 and the short term loss was -66,000. This totaled -199,000 on Schedule D. I am starting my own business (I'm a 1099 now), and launching it within a week. I have NEVER been self employed, so this year will be a challenge and learning experience in figuring out what to do and not do.
When I become profitable, my understanding is that I will need to go the route of S Corp or LLC, as a home based life insurance broker. But I could be wrong. AGAIN, I have never had to do this before.
My question is when I show a PROFIT on Schedule C, will the LOSSES from Schedule D continue $3,000 every year? Or would the profit NOT BE TAXED because of the previous short and long term carryover losses?
Thank you so much in advance,
Bubba