I started an active business in 2016 but had no income until 2017. Additionally my total loss was less than $20,000. Are my losses fully deductible in 2016?

My losses were all incurred on and after the month that I started my business.

RichardK
New Member

Get your taxes done using TurboTax

Business expenses are deductible in 2016 if the business has started in 2016, regardless if there is any income or not.

View solution in original post