Comment by asmithmd1

How about this example: I earn $500k in my job as VP HR at MegaCorp. I also own 50% stake (my wife owns other 50%) in : Lake Front Home rental LLC, Sail boat charter LLC, and Thoroughbred Riding LLC. All of those "businesses" my wife operates and have a tiny amount of sales but lose money hand over fist. Now do you think LLC losses should be able to offset regular income?