Because of covid, my income this year has dropped off quite a bit.
Normally, I am able to fully support my business with just my income from the business, but this year, we've used a lot of my husbands income to invest in new materials and machinery for my business to take it in a new direction. Can he claim it on his returns? If not... how do I claim the overage spend on MY returns?
Thank you so much! So I claim it on my return as a loan, and don't put anything on his return? Or do I need to make any kind of special notation on his return stating its an investment into the business? Techically, we both own it, but it's under my name, so its a bit hairy. I'm just trying to make sure I notate this correctly on all my returns.