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We started a side business in 2021. We did not earn income in 2021. How can I get the home office and inventory deductions?

We design and produce things on a CNC machine.  The start up costs were high.  Due to getting COVID, a major surgery, and a move in 2021, we didn't get product out the door.
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2 Replies
ColeenD3
Expert Alumni

We started a side business in 2021. We did not earn income in 2021. How can I get the home office and inventory deductions?

There is no home office deduction if there is no income. You can depreciate your machinery. List it as an asset on Schedule C.

 

Follow these steps to go to the Schedule C section of your return:

 

On the top right corner of TurboTax online screen, click on Search (or for CD/downloaded TurboTax locate the search box in the upper right corner).

  1. Type in “schedule c” (or for CD/downloaded TurboTax, click Find).
  2. Click on “Jump to schedule c”.
  3. Click on the blue “Jump to schedule c” link

 

 

We started a side business in 2021. We did not earn income in 2021. How can I get the home office and inventory deductions?

Who exactly are "we?" Husband and wife?  

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