Thank you for your reply. We have had no income to report for the three year period since starting the business. My question is how long can we wait to report income, when we do start receiving it and also report the losses at the same time? The entire amount of the Home Equity Loan was used for business expenses (startup, advertising, etc.). Is there a 5 or 7 year period to claim these business expenses, losses, etc? Thanks again for your advice!
