Max, a single taxpayer, has a $270,000 loss from his sole proprietorship.How much of this loss is not deductible after considering the excess business loss rules?

Name: Max, a single taxpayer, has a $270,000 loss from his sole proprietorship.How much of this loss is not deductible after considering the excess business loss rules?
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Quizplus · Accepted Answer

The excess business loss limitation for a single taxpayer in 2023 is $270,000. Max's loss is $270,000, so $15,000 of the loss is not deductible.

Max, a Single Taxpayer, Has a $270,000 Loss from His