Is there a minimum net loss in business expenses that must be met as a threshold to be considered reportable? Similar to net profit being $400...

No -- there is not a minimum loss for your business to be reportable.  Report all your income and all your expenses and TurboTax will calculate the net (either a gain or a loss).

Irene, does this still apply when the standard deduction is applied? It seems to then only report the income and doesn't capture the net loss. I noticed it became a problem on my state returns.

TurboTax deluxe and Premier do not support Schedule C expenses, only Schedule C income.

 

To report the expenses you must be in TurboTax Self Employed.

 

To see a comparison of forms supported by different versions of TurboTax, go to :Commonly Filed Tax Forms and Schedules.

 

 

@Eidi5