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Gerry S
Lv 7
Gerry S asked in Business & FinanceTaxesUnited States · 9 years ago

Would my business losses offset my spouse's income?

If my business expenses exceed my personal income (so I have a loss), will that loss offset some of my spouse's income?

4 Answers

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  • DiamondMan
    9 years ago
    Favorite Answer

    Yes, IF you file MFJ (Married Filing Joint). The 1040 is a reconciliation of ALL income, deductions and credits for the taxpayer and spouse, if applicable.

    The Schedule C Loss would carry over to the 1040 page 1 just as a profit would. The income from W2s, 1099s (Div & Int) Schedule Cs, etc are all added together. In this case, the loss from the business would reduce the overall income.

    Source(s): tax preparer
  • ?
    9 years ago

    I do not think so. You can only offset same type of losses..

  • Judy
    Lv 7
    9 years ago

    If you file a joint return, yes for federal.

    For state, depends on your state.

  • David14
    Lv 7
    9 years ago

    WAY too many variables to answer.

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