I didn't generate a profit and the $2500 increases my tax bill. How can report the expenses to reduce my tax owed?
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There may be a better way, but one work around would be to enter the 1099-misc again with a negative amount in box 3 reflecting your expenses. If an explanation is allowed enter “expense offset for 1099-misc.”
There may be a better way, but one work around would be to enter the 1099-misc again with a negative amount in box 3 reflecting your expenses. If an explanation is allowed enter “expense offset for 1099-misc.”
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