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V84
New Member

I run a Network Marketing business & my expenses (tools, associations) is greater than my income for past several yrs. Can I deduct the expenses (I have all the receipt)?

Can I deduct the expenses as long as I have all the receipt or can I only show deductions less than or equal to my income? My expenses have exceeded income for >6yrs.
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1 Reply
AnnetteB
Intuit Alumni

I run a Network Marketing business & my expenses (tools, associations) is greater than my income for past several yrs. Can I deduct the expenses (I have all the receipt)?

You can continue to deduct your expenses even if your business then shows a loss.  However, you do need to be aware that continuing to show a loss year after year can become a red flag to the IRS.  There are a number of things to consider though. 

For a more comprehensive discussion on this topic, see the information below.  It was posted a number of years ago, but the information is still very valid. 

https://ttlc.intuit.com/replies/3904839


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