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March 31, 2021
Question

Home Business

  • March 31, 2021
  • 1 reply
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My wife and daughter started a home business and we used our own money to buy the material and equipment needed to make their products. Because of COVID-19 they were only able to do one show in December of 2020. We have over $10,000 of money into the business. Is there somewhere on Turbo Tax that we can claim this lost?

    1 reply

    RayW7
    March 31, 2021

    You can still file a Schedule C if you had little or no income.

     

    Just claim your expense related to the business.  

     

    TurboTax will guide you through this.

     

    -follow these links for additional information-

    What Is a Schedule C IRS form? - TurboTax Tax Tips & Videos

    Where do I enter Schedule C? - TurboTax