[peanut1955]

I have been doing my own business taxes for over 25 years.. This year has me rattled... I filed a form SS-8 for the IRS to determine my employment status. Employee vs. Independent Contractor, I have not received a decision yet. So I will file form 8919 to pay just my share of Social security... I bought a vehicle for the business when I was under the impression I was truly an I.C.
For the past 3 three years I filed as self employed.. last year things changed the compnay treated me as an employee while paying me as an I.C. no taxes with held. And 1099 misc. given with box 3 checked other income.
I need to claim a loss on the business vehicle.. problem: the car cost 28,000.00 financed, last year depreciation taken was 11,460.00... car was traded in Oct.2011 dealer only gave me 16,000.00 and I still owed 22,000.00 the 6,000.00 was applied to the new vehicle I bought, but I no longer work, I was terminated in July 2011... how do I show a loss from the sale of business property, and being I was given 1099misc. Box 3 can I still deduct business expenses and home office like I have in the past.

[AtlantaTaxExpert]

This is a complex business question which requires follow-up questions and probably some analysis of your business relationship with your employer. That is probably why no one has answered, as no one has time to do the research for which they will receive ZERO compensation.

Recommend you file an extension, then find an experienced tax professional to help you sometime NEXT week.