I started an Amazon business approx. 1/19/23 and unfortunately all it did was hemorrhage money. I spend about $35k on this venture and am going to close the LLC however want to know if I can write off business losses and how to go about doing so. The $35k includes initial investment, inventory, operating expenses, etc.
Do I have to write this off during a certain time frame? Can I write the entirety of my investment off?
You enter your business income and your business expenses for the year. If the expenses are larger than the income, it will be a loss which will offset some of your other income.
If you had Startup Costs, any unused deduction would be allowed in the final year.
Unused inventory and depreciable assets may not be deductible until you dispose of the items, depending on your accounting method and circumstances. What you are you doing with the unused inventory?
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