I just started a small side art business 2 years ago. I’ve sold items but am not making a profit yet. I have quite a few equipment expenses, some materials expenses, and also I’m taking a few classes to further my craft. Questions I have are:
1) What does the IRS consider a reasonable amount of time to claim losses before starting to make a profit?
2) things like laptop, phone, and iPad - can I claim the whole expense in one year or spread it out over time? If so, how do I determine the amount of time to amortize?
thanks
