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