Started a New Career as a real estate agent

mgray3433 · ‎January 14, 2022

I retired from my IT career and became a real estate agent

As I did it at the end of the year I have 0 dollars in income but had expenses for the Training and millage

Are these deductible as I did not make any dollars last year

MayaD · ‎January 14, 2022

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. An expense does not have to be indispensable to be considered necessary. Irs.gov

To report your self employment expenses:

Log in to your account.
Select Federal from the left menu.
Go to Wages and Income then select Income and Expenses.
Go to Self-employment income and expenses and click start. you'll be asked some general questions about your business. After you answer them, you’ll be taken to enter your Expenses.