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Level 1
July 5, 2020
Question

How do I show a loss on my schedule e

invested $3000 in an online business and mad no money at all in 2019 can I deduct the $3000

2 replies

Critter-3
Level 15
July 6, 2020

First you will not use the Sch E (that is for rental properties) instead you will use a Sch C .  

 

Next you need to upgrade to the Self Employed version ... 

How do I report income from self-employment? If you received a 1099-MISC for your self-employed income

Type 1099-misc in the Search box and then select the Jump to link. This will take you directly to the section where you can enter your 1099-MISC. You’ll also be able to enter any cash, personal checks, credit card payments, or cryptocurrency (Form 1099-K) related to your self-employment.

If your self-employment income was only from cash, personal checks, credit card payments, or cryptocurrency 

Type Schedule C in the Search box and then select the Jump to link. This will take you to where you can enter any cash, personal checks, credit card payments, or cryptocurrency (Form 1099-K) related to your self-employment. You may first be asked some general questions about your business. After you answer them, you’ll be taken to the Let's get income for (your line of work) screen where you can enter this income as Additional Income.

Related Information:

July 6, 2020

a schedule E is only used for the following - investment in partnership or S-Corp.  then you would have received a k-1 or should have.   rental real estate is also reported on schedule E.  if it's your own business  - sole proprietorship or single-member LLC that gets reported on schedule C.  the $3,000 may be start-up costs that may be fully deductible in 2019 if you actually started trying to do business.  the IRS usually says you start your business when you conduct activities to acquire clients or to sell products or services.