I've been writing books for years, but last year was the first year I made money. I never claimed expenses in prior years, is it too late to do so now (without amending)?

[postplexus]

I hesitated to claim expenses when I had nothing published to show for it. I am hoping I am allowed to claim all the expenses from prior years that led to this year's income. Wishful thinking?

[PatriciaV · Accepted solution]

Yes, unfortunately it is too late to report business expenses incurred in a prior year without amending those tax returns. However, since you had a profit this year, the IRS is less likely to consider this activity to be a hobby rather than a business.