No, however, you
can still claim your legitimate business related expenses, if any, even though you had no revenue. A loss in your
business can offset income in other areas of your return and reduce
taxes/increase refund.
If you need to delete an unwanted Schedule C, see below.
You
can deduct expenses as long as you can prove that you opened or were in
business in the year expenses were incurred. To be deductible, a business
expense must be both ordinary and necessary. Please note that if you do not
have profit for three out of five years, IRS might question your profit motive.
As
a real estate agent, you are considered to be self-employed. You report both
income (if any) and expenses on Schedule C/Business Income &
Expenses.
TurboTax
will guide you step by step through the process.
·
Type in business expenses in the search box in the
right hand corner of your screen
·
Clickjump tobusiness expenses.
If
you do have some income you can enter it on the same page.
To Delete your Schedule C business:
1.
With your return open, search for this exact phrase: business (schedule
c) (include the parentheses) and then click the "Jump to"
link in the search results.
2.
Answer Yes when asked if you had (or want to work on) business
income and expenses for 2016.
o
That's right – you'll need to answer Yes, even though it doesn't
make sense.
o
If you're being forced to upgrade to Home & Business, contact us for
further assistance.
3.
When you get to the Business info or Business Summary screen,
click Delete next to the defunct business.
4.
Answer Yes to confirm the removal of all business-related
forms.
To clarify, we cannot see your return, please let us know more details, so we may better assist you. Did you close your business before 2022? Do you expect to have income going forward?