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Our business was closed 2017, I paid business expenses in 2018 using my own money. Can I claim this amount in 2018 personal income tax return? How?

we had business which was closed in 2017 because of our retirement. In 2018 we used our personal money to pay for expenses for this business, total $1358. What can we do about this amount? can we claim this expenses as business expense in our 2018 personal income tax return? is yes, how can I do it? since we are retired since 2018 therefore we should click "yes" or "No" as " materially participate" in business, Schedule C line G?  Please help and advise.  Thanks


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Level 1

Our business was closed 2017, I paid business expenses in 2018 using my own money. Can I claim this amount in 2018 personal income tax return? How?

Yes,  you may claim the business expenses you paid with personal money/funds on your 2018 return.  You may also answer “yes” to the question about material participation (Schedule C, line G).

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Level 1

Our business was closed 2017, I paid business expenses in 2018 using my own money. Can I claim this amount in 2018 personal income tax return? How?

Yes,  you may claim the business expenses you paid with personal money/funds on your 2018 return.  You may also answer “yes” to the question about material participation (Schedule C, line G).