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I started a business in social media marketing but didn't stay open more then 3 months and closed down

I dont know if i have to include this on my taxes as a loss becuase I didnt make a profit
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AnnetteB
Intuit Alumni

I started a business in social media marketing but didn't stay open more then 3 months and closed down

It is not a matter of whether you made a profit or not, if you had any income for the business then it needs to be reported on your return.

Since the business was started and stopped in such a short period of time, you could consider reporting the income as hobby income instead of business income.  You would also be allowed to deduct hobby expenses as part of Schedule A Itemized Deductions up to the amount of hobby income. 

Take a look at the following article for some information about hobby versus business income:  https://turbotax.intuit.com/tax-tools/tax-tips/Small-Business-Taxes/When-the-IRS-Classifies-Your-Bus...


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