Can I deduct my business loss in my LLC?

Calculator with text on the display - LossesLosses and Profits from LLCs are usually reported on the owner or owners’ personal tax return Form 1040 Schedule E.

However your ability to deduct the loss against current income is restricted by your “basis” and your “risk of loss” in the business.

It’s a complicated set of rules, so consult a tax advisor to be sure you are eligible to take the deduction or review the regulations on the IRS site.