FiLife - Your Financial Lifeline

Your Financial LifelineTM

In partnership with The Wall Street Journal
 
 

Question

yeahman0089
FiLifer
Votes+1
Views21

yeahman0089 asked 4 months ago in Tax Deductions

Can my deductions exceed my income?

I'm a self employed property inspector and will have about 50,000 miles by the end of the year. My income will be just shy of $20,000. I'm thinking my deductions will probly exceed my income, .55 x 50,000 > 20,000, is that allowed?

Last edited 4 months ago by yeahman0089

Was this question interesting?

Yes

(1)

No

(0)

Permalink | Abuse

FiLife Recommends

Answer Question
  • Share:

1 Answer

Sort by:
Kees deWit
Platinum
Reply

Yes, but you bet the IRS will raise their eye browse. Work with a CPA before you file. IRS will wonder how you eat and lived.

Is this helpful?

Yes

(1)

No

(0)

Permalink | Abuse

Answer this Question

We want to get you real financial help as quickly as possible. To help us continually improve, please provide some feedback on your experience asking our experts your question:

The more information you can provide, the better answer our experts can give you. Tell us some more about your issue and we’ll try to give you a better answer.

Generic User Image

Ask a Question

140 characters

Tips

  • Be specific and clear.
  • Be courteous and thoughtful.
  • Share some details about your situation (age, relationship, etc)
Login, Join or login with   or

Ask a Question

140 characters

Personal Finance News

Receive our Personal Finance Newsletter

Stacker Poll of the Day

What age should you start your child's allowance?

Avg 8.4
 
Avg 8.4
 
538 responses

Top Members This Week

jerrylee
Gold

41

FiQ Points ?
JLynn
Platinum

37

FiQ Points ?
Denise
FiLifer

35

FiQ Points ?
Linda
Gold

10

FiQ Points ?

Kees deWit
Platinum

8

FiQ Points ?
john
Newcomer

5

FiQ Points ?
Gabriel Young
Newcomer

4

FiQ Points ?
mrfranklin
FiLifer

3

FiQ Points ?