- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Business & farm
You can't deduct the expenses against your salary income.
However, since the rent is associated with the business you owned, you can deduct it as a capital loss. You would enter it as a investment sale, and report the rent as the cost of it, with no sale amount listed. You would report it as follows in TurboTax:
1. Find the "Income and Expenses" menu option in your TurboTax program
2. Find "Investment Income" in the list of categories
3. Click on "Stocks, Mutual Funds, Bonds and Other"
4. Work through the program to find "Choose the type of Investment you Sold"
5. Choose the "Everything Else" option in the list of investments
6. Enter the information requested about your sale (date purchased, sale amount, cost, etc)
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
**Mark the post that answers your question by clicking on "Mark as Best Answer"
‎April 9, 2020
1:11 PM