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I have an average of 1200 income loss for the last several years, Can I claim my business as a loss or do I need to claim my Avon business as a “Hobby”?
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June 1, 2019
11:59 AM
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Business & farm
You would file Schedule C and take the loss. If you do it to make money, not just for the fun of it, it is a business and should be treated that way, not as a hobby. You will need to upgrade to Turbotax Self-Employed or Home and Business.
June 1, 2019
11:59 AM
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Business & farm
Is there a limit to how many years in a row you can show a loss?
June 1, 2019
11:59 AM
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Business & farm
No. The IRS expects a profit within the first 5 years, but nothing is written in stone. A constant loss may need to be explained.
June 1, 2019
11:59 AM