Do I file a Schedule C on personal income return if I formed and then dissolved a New Mexico LLC for a ‘side’ hustle in 2024? Sole member and owner of LLC. No income.

Forum|Forum|1 year ago
February 23, 2025
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MinhT1

Your single member LLC is a disregarded entity for tax purposes.

You report the income and expenses on Schedule C of your tax return.

If in 2024, there is no income and expenses in the LLC, there is nothing to report and no need for a Schedule C on your return.

However, if the LLC had no income but was active and had business expenses, you can still claim these expenses on Schedule C. This will result in a business loss which can either offset your other income or be carried forward.

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Do I file a Schedule C on personal income return if I formed and then dissolved a New Mexico LLC for a ‘side’ hustle in 2024? Sole member and owner of LLC. No income.

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