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My wife got her real estate license in late18 and had expenses for training, licensing etc. Did not complete any transactions in 18. Can we deduct expenses if no income?
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June 5, 2019
11:44 PM
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Deductions & credits
Yes, she can deduct those business expenses on Schedule C. But if she is questioned by the IRS, she'll need to show that her real estate activities are a business for her, not a hobby. One way to support this is to show that she has affiliated herself with a local real estate firm, that her name is on their roster of agents, etc.
**Answers are correct to the best of my ability but do not constitute tax or legal advice.
June 5, 2019
11:44 PM