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Surfjax15
April 4, 2024
Question

self employed start-up expenses with no income

  • April 4, 2024
  • 1 reply
  • 0 views

Can i deduct my licensing, travel, entertainment 2023 expenses for being a self-employed mortgage loan officer when i did not close any loans until 2024?  basically no 1099 income for 2023..

 

If so what form?

 

Thanks

    1 reply

    T
    ThomasM125
    April 4, 2024

    You can deduct business expenses that are necessary and ordinary as self-employed businesses expenses in 2023 if you were actively engaged in the generation of sales for that year. You would report them on a schedule C, Profit or Loss From Business. You will see an entry screen for that in the Your income and expenses section of TurboTax:

     

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