Question

I started a real estate business in 2019. My expenses total just under my total earnings and the total earnings for year are lessThan $18,000 should I itemize expenses?

Forum|Forum|6 years ago
February 1, 2020
1 reply
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TurboTax Online

A

Anonymous

since you started your business in 2019, certain pre-opening expenses are only deductible if you elect the provisions of section 195. do you have any other income? if not, the standard deduction should be fine.

B

beanbagcindiAuthor

I have part time job earned $12,000 and real estate $6500. (Expenses, education and licensing is roughly $5000) I am head of household with 4 dependents. I know these are general questions. Just trying to justify spending more for self employed TurboTax.