Hi everyone. I'm a college student and my parents claim me as a dependent. I began collecting craft machines and shipping supplies for a business last year. I even got a sole proprietorship set up. However, I hadn't started to sell items yet. My parents advised me to hold onto receipts of things I purchased, which I have, but now I'm unsure if I can claim these receipts if I didn't make any income. I would really appreciate an explanation of this.
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Yes, you claim your expenses even if you didn't have any income. To be deductible, a business expense must be both ordinary and necessary.
An ordinary expense is one that is common and accepted in your industry. A necessary expense is one that is helpful and appropriate for your trade or business. Irs.gov
To report your self employment expenses:
if your business hasn't begun you have no deductible expenses. these might qualify as start-up expenses, once it does and that would be the first year you can deduct them
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