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 · ‎February 16, 2020

* In regards to 1099

Irene2805 · ‎February 17, 2020

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 · ‎February 25, 2020

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 · ‎March 2, 2020

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

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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...