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eadoxey
New Member

I have a sole proprietor LLC. I did not open my store last year, thus had no income. I did have expenses, do I need to report them on my 1040?

I know I have to file any income on my personal 1040, but I am not sure if I need to file expenses this year or not.
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Bsch4477
Level 15

I have a sole proprietor LLC. I did not open my store last year, thus had no income. I did have expenses, do I need to report them on my 1040?

Report your expenses. A net loss is carried over to future years. 

View solution in original post

2 Replies
Bsch4477
Level 15

I have a sole proprietor LLC. I did not open my store last year, thus had no income. I did have expenses, do I need to report them on my 1040?

Report your expenses. A net loss is carried over to future years. 

View solution in original post

eadoxey
New Member

I have a sole proprietor LLC. I did not open my store last year, thus had no income. I did have expenses, do I need to report them on my 1040?

Perfect, thank you so much!!

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