Solved
Opening and closing LLC in 2020
I began an LLC to sell my artwork professionally in January 2020. Because of the pandemic, the usual tourist traffic, gift shop sales, etc. in my area were very poor, resulting in $2000 in start-up costs and only $75 earned. If I close my LLC before the end of the year, do I still take the losses on my tax return, or is the IRS likely to come after me for not having made a profit? If I don't take a deduction for what I spent, do I simply report the $75 in income via Turbotax on my tax return and file to close my business?
