Online Business Expenses
issue of business tax?
I lost money to join various online businesses, can I claim the money on my taxes as business expenses?
Without knowing the nature of your investment, it is impossible to say. Did you buy shares in the company? if so, you must either sell the shares or the IRS agrees that it has become of negligible value During the year you wish to claim the loss. If you invested in a partnership, much will depend on whether you were a partner or sponsor. You can claim operating losses (if you're a limited partner), but would not be able to claim loss of your investment until you have left the company or its dissolution. If you worked as an independent contractor for online businesses, losses can be claimed. What you have to do is to calculate your profit on your trading activities (report on Schedule C) and the claim. Frankly, I think you need an accountant.
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