I started a new business in 2017 and quite the business in 2017. Lost money. Do I still claim the business?

paul25 — Thu, 06 Jun 2019 14:25:46 GMT

Yes, you should claim the business and enter it on your p...

FaithY — Thu, 06 Jun 2019 14:25:48 GMT

Yes, you should claim the business and enter it on your personal tax return on Form 1040 Schedule C (if you are a sole-proprietor or a have a single member LLC). If your intent was to earn a profit, you can claim the losses.

You will need either the Self-employed or Home & Business version of TurboTax to enter your new business. Click the links below for product information.

https://turbotax.intuit.com/personal-taxes/online/self-employed.jsp

https://turbotax.intuit.com/personal-taxes/cd-download/home-and-business.jsp

To create a Schedule C for self-employment in TurboTax:

Log on to TurboTax and pick up where you left off.
Click the Search box in the right hand corner, search for "Schedule C", and click the first search result "Jump to Schedule C".
You will see the "Your self-employed work summary" screen. If you have entered a business into TurboTax already, you will see it listed on this screen. (click on attachment below for a visual aid)
Click Add another line of work (to create a new business in TurboTax) or click Edit (if you already added the business into TurboTax)
TurboTax will walk you through entering your income and expense

topic I started a new business in 2017 and quite the business in 2017. Lost money. Do I still claim the business? in Business & farm

I started a new business in 2017 and quite the business in 2017. Lost money. Do I still claim the business?

Yes, you should claim the business and enter it on your p...