I have claimed business expenses in the past , no profit this year,except on rental, do I still claim expenses on all buisness

gdhaskins63 · ‎June 6, 2019

PaulaM · ‎June 6, 2019

Yes, you can. See TurboTaxMichaelDC's answer below.

'You can deduct expenses as long as you can prove that you opened or were in business in the year expenses were incurred. To be deductible, a business expense must be both ordinary and necessary. Please note that if you do not have profit for three out of five years, IRS might question your profit motive.'

https://ttlc.intuit.com/replies/5860788

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View solution in original post

PaulaM · ‎June 6, 2019

Yes, you can. See TurboTaxMichaelDC's answer below.

'You can deduct expenses as long as you can prove that you opened or were in business in the year expenses were incurred. To be deductible, a business expense must be both ordinary and necessary. Please note that if you do not have profit for three out of five years, IRS might question your profit motive.'

https://ttlc.intuit.com/replies/5860788

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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I have claimed business expenses in the past , no profit this year,except on rental, do I still claim expenses on all buisness