Can I claim realtor expenses on my 2018 taxes if I did not claim them in 2017? The expenses I am referring to are realtor fees, advertising, equipment, etc.

[Ashby · Accepted solution]

If you were not a startup business in 2017, then you would have to go back and amend 2017 to deduct missed expenses. But, if these were initial startup costs, see below.

You can deduct your startup costs in the first year that you actually report income.  If you have less than $5000 of startup costs, you can directly expense them in the first year.  If you have more than $5000 of startup costs, then part can be expensed, and part must be amortized over 15 years.  There is formula that turbotax will help you with.

[katiefreeman0919]

Thank you!! It was a start up. This helps!