Where do I reflect a business loss on my filing? I tried to start a business during lay off and resulted in more expenses than profit.

[arsharora]

Thank you for choosing TurboTax. If you suffer a loss from either unpaid debt or selling shares from a small business corporation, you do not have to declare these losses as capital losses. Instead, you can declare them as allowable businesses losses. These looses are automatically reflected in the T2125 (Self-Employment Income) form when gross income is lower than the expenses occurred for 2020. 

For further clarification please check out our blog: Losses and How to Claim Them on Your Taxes