Income tax/business tax
September 9, 2010 | 20,00 EUR | answered by Matthias Wander
Dear Sir or Madam,
I am a full-time student and have earned approximately €80,000 (plus VAT) this year from real estate sales. The forecast for income and business tax is around €30,000.
However, next year I will be moving to England to complete my studies and will definitely not have any income.
What will happen with the loss my company will incur in 2011? Can it be offset against the profit from this year?
Thank you.
Sincerely
Dear seeker of advice,
Thank you for your inquiry, which I would like to answer based on the information provided and in the context of your efforts in the initial consultation.
According to § 10d EStG, losses that cannot be offset with other income of the same year can be carried back to the previous year. However, this is only possible for income tax. For trade tax, trade losses cannot be carried back, but can only be offset against future profits.
If you do not have any other income in 2011 and incur a loss with your business operation, this loss can be carried back to 2010.
However, the loss carryback can only be done once the tax return for 2011 has been filed.
I hope this gives you an initial overview.
Best regards,
Wander
Tax advisor
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