#1414 - Q&A: Can you deduct side hustle losses from your federal income taxes?
Side Hustle School
Chris Guillebeau
4.7 • 3.3K Ratings
🗓️ 14 November 2020
⏱️ 5 minutes
🧾️ Download transcript
Summary
This listener’s new side hustle lost money this year. Hopefully that will change in 2021, but for now—is there a silver lining in being able to deduct losses from his income taxes?
Side Hustle School features a new episode EVERY DAY, featuring detailed case studies of people who earn extra money without quitting their job. This year, the show includes free guided lessons and listener Q&A several days each week.
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Side Hustle School features a new episode EVERY DAY, featuring detailed case studies of people who earn extra money without quitting their job. This year, the show includes free guided lessons and listener Q&A several days each week.
Show notes: SideHustleSchool.com
Email: team@sidehustleschool.com
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Transcript
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| 0:00.0 | What's up my friends, welcome to Side Usual School. |
| 0:07.0 | My name is Chris Gellabo. |
| 0:08.4 | Always excited to bring you a new question from a listener or sometimes a case study, sometimes |
| 0:12.5 | some tips, just all kinds of stuff, all designed to help you create freedom in the form of |
| 0:17.0 | a money making project. |
| 0:18.0 | And I want you to be able to do that without quitting your job, without adding a ton of |
| 0:22.0 | extra stress to your life. |
| 0:23.5 | Because I'm well aware that a lot of us have been feeling a perhaps disproportionate amount |
| 0:26.8 | of stress this year with everything associated with remote work and perhaps remote education |
| 0:32.4 | if you're looking after your kids and all the other thousand things that have happened, |
| 0:36.9 | it's hard to keep up these days. |
| 0:38.8 | But speaking of stress, one thing that is almost always stressful for just about everyone |
| 0:42.4 | is taxes. |
| 0:44.2 | And this listener, the one who's calling in today, their new side hustle lost money this |
| 0:48.3 | year, which is normally bad news, right? |
| 0:51.7 | But in the context of this question, hopefully by the way that will change in 2021, they will |
| 0:55.7 | actually make money. |
| 0:57.1 | But for now, is there a silver lining in being able to deduct losses from his income taxes? |
| 1:01.5 | Of course, I'm no tax expert. |
| 1:03.2 | You should always consult a professional. |
| 1:05.2 | But thankfully, in this case, there's a pretty simple answer to this question. |
| 1:08.3 | And it's mostly good news. |
... |
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