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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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).
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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