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New Member
posted Jun 1, 2019 12:18:32 PM

Is it worth upgrading to Turbo Tax Self-Employment. I have an active real estate license but not actively selling anymore. My intent is to make money on the side.

Is it worth upgrading to  Turbo Tax Self-employed.  I used to sell real estate full time but now I'm using my license for referrals only.  No income but have expense for continuing education and license fee.  I will be receiving a referral check but it will be for 2019 not for 2018 which I am now filing for.  Can I write education and fee in 2019 with income receiving?  

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New Member
Jun 1, 2019 12:18:33 PM

A Schedule C for your business should not be filed unless the activity is done with the intent to produce income in the current year. Expenses are deducted in the year they are paid for cash basis (the most common basis of accounting for small businesses) businesses.  Next year if you are operating with the intent to produce income, you should file a business return and you can deduct any expenses you have for that tax year.