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Question

Why are my expenses from my real estate business not lowering the federal taxes I owe. Expenses exceed income

Forum|Forum|1 year ago
March 24, 2025
1 reply
0 views

I am a Realtor and claiming expenses directly related to being. salesperon

If you are reporting your income and expenses and Schedule C, it may be because you did not check the box indicating "All investment is at risk". If not checked, it will prevent your loss from offsetting other income. Also, if you are using the simplified method to claim a home office, you cannot take the deduction if you do not have a net profit. The same is true for the self-employed health insurance deduction.

Revisit Schedule C and make sure that you you checked the box to indicate that all investment is at risk.

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