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...

[omlove5]

* In regards to 1099

[Irene2805]

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).

[Eidi5]

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.

[RobertG]

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