558482
Had business for 5-years; didn't make any income from it in 2017; can I still file business deductions against it?
You'll need to sign in or create an account to connect with an expert.
Yes, if the expenses were for that business. You will have a net loss on schedule C, that can be deducted from other income on your form 1040.
Yes, if the expenses were for that business. You will have a net loss on schedule C, that can be deducted from other income on your form 1040.
Yes you can if you were trying to make money, mitigate expenses and are making every effort to find other income sources. The IRS expects business to have an off year from time to time like realtors ... they may not have sales in every tax year but they still have expenses. Keep excellent records in case of an audit.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
shanesnh
Level 3
KimberlyFondren86
New Member
kansasfuller-27
New Member
xiaochong2dai
Level 2
4NAxent
Returning Member