I established a business and was up and "running" for 11 mos. Never made a sale and decided to go back to work. Can I still deduct my expenses for my start up in 2016?

shawnmarie221 · ‎May 31, 2019

Started a business that never took off. Can I claim business expenses if it was only running for 11 months?

PeterM · ‎May 31, 2019

If this was a for-profit business activity that just didn't make any money...then yes, you can still deduct those expenses in the year you incurred them.

You just enter the expenses you incurred in Turbo Tax.

As far as revenues, if you didn't have any in 2016 then you'll have a business loss in 2016. Any time that your business expenses exceed your business income...you have a loss.

Below is a screenshot to help you get started in Turbo Tax.

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PeterM · ‎May 31, 2019

If this was a for-profit business activity that just didn't make any money...then yes, you can still deduct those expenses in the year you incurred them.

You just enter the expenses you incurred in Turbo Tax.

As far as revenues, if you didn't have any in 2016 then you'll have a business loss in 2016. Any time that your business expenses exceed your business income...you have a loss.

Below is a screenshot to help you get started in Turbo Tax.

shawnmarie221 · ‎May 31, 2019

Thank you. Yes it was a for profit business.

I established a business and was up and "running" for 11 mos. Never made a sale and decided to go back to work. Can I still deduct my expenses for my start up in 2016?