On 8/21/2017 8:18 PM, Mark Hedges wrote:
Hi, so, thanks for an amazing accounting program. I'm still learning
how to use it.
........
I will have very little personal or business income this year, so
claiming this as a loss on taxes this year will not be helpful.
The accountant said I can amortize the loss until future years and
claim it as an expense on a future year's tax return.
How do I account this in GnuCash?
Thanks.
Mark
I will give the same answer to this as I give to similar questions. Your
real problem is NOT about how to account for this using gnucash but in
not knowing how to account for this in ANY method of doing double entry
bookkeeping. In other words, if you knew what transactions you would be
entering were you keeping your books the old fashioned way, pen and ink
on paper, you would probably see how to enter those transactions using
gnucash. Gnucash partially automates the process, keep the books in
balance (avoids transcription errors),and produces report, but it can't
tell you what transactions you should be entering.
Either have your accountant show/tell you, or get a text "accounting for
the S corporation" and look up amortized losses. I'm not doing
accounting for any for profit corporations and so would have to look it
up myself. And even if I knew off the top of my hat, am not qualified to
give that sort of advice. Knowledge of tax law with regard to S
corporations is necessary to know how, and to what extent, you can defer
passing through gains and losses << S corporations are taxed more like
partnerships are taxed than how regular corporations are taxed >>
Michael D Novack
Michael D Novack
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