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clyde_m_pence
January 24, 2025
Question

Can a business take deductions even though there is no reported income.

  • January 24, 2025
  • 1 reply
  • 0 views
Wife is Vererans Attorney and had no income in 2024. Can she take business deductions for expenses?

    1 reply

    A
    AmeliesUncle
    January 24, 2025

    If her business was 'open' and trying to make income, yes, expenses related to the attempt to earn income are deductible.

     

    If she has expenses NOT related to trying to earn income (for example, work voluntarily done without pay), those are usually not a business deduction.

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