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February 15, 2025
Question

if i did not make any income with the business in 2024 but did work on the business, is this considered passive? Will my deductions be considered passive activity losses?

  • February 15, 2025
  • 1 reply
  • 0 views
thanks in advance

    1 reply

    PatriciaV
    Employee
    February 16, 2025

    No. If you are actively involved in the business, even if you made no income, this would not be a passive loss. Complete Schedule C (Self-Employment) and TurboTax will report the activity on Schedule 1 Line 3 (Business Income or Loss).

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