I started as a realtor last year. I didn't make any money but I had deductible expenses. How does that work?

[kerriP · Accepted solution]

The business start date determines whether your expenses are deductible. If you were "open for business" in 2017, meaning you had your license and were actively working in your business, than any expenses you incurred trying to sell real estate are currently deductible.

Also, $5000 of  costs incurred before your business starts can also be written off in the year you begin your business.

You will need to upgrade to Turbo Tax Self employed to report your business expenses.  For more information click on this link and it will take you to IRS publication 535. Business Expenses

[m-ichelee]

Thank You