Should I report consulting work if I did not work that year?

Dear Sir or Madam,

Need some advice on my Home & business filing for 2021, I have a full time job (W2) but also do some real estate on the side, in 2021 I did not do any Real Estate work, but did pay my licensing fee, realtor membership fee, and other expenses, do I report that on Turbo tax or don't bother?

Thank you,

292

Expert Alumni

Apr 3, 2022 11:39:08 AM

I can not advise you on whether or not to report the expenses for your real estate business for 2021. Generally, while you may not have made any profits, you have expenses, you may want to file a Schedule C to claim them. If you do not claim your expense in the year you pay them, you may not be able to deduct them in the future when you do have income.

New Member

Apr 3, 2022 3:50:35 PM

Thank you for the recommendations.

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Should I report consulting work if I did not work that year?