Opus 17
Level 15
Intuit Approved! This answer has been verified for accuracy by an Intuit expert employee

Business & farm

If you were actively engaged in the business before 12/31/23, then you report your expenses, even though you didn't earn money.  You will have a loss that you can carry forward to deduct against future profits. 

 

If you weren't actively engaged in business and were only setting it up, then you hold your startup expenses and file them in the first year that you file the business.

View solution in original post