General Business question

General Business question

Member since 2018 · 22 posts · 5 votes

I have started an LLC and currently, have 1 property while in the middle of buying another.

On the current property, 

    1) 30-year loan that was refinanced to pull equity and purchase the 2nd place.

    2)  replace the heating and air in my current property. That cost me 8k (I have a loan on this).

 It is important to note that the unit had to be replaced because it was beyond repair. Not sure if that counts an expense or Deprecation. I believe Expense because i was repairing the unit with the exact same thing it had when it broke.

I am using Quicken to keep up with all the records and am trying to track these as tax items. 

1) how do i track these "Schedule E/C" 

2) when i have to drive, eat, and other stuff how is that tracked? "Schedule E/C"

3) How is my phone tracked when doing this work?

I would like to add my car to the LLC as an asset, but i have heard several stores about this.

Can I do that or not, and if so, do i deduct the interest on my car loan as "other interest" on schedule E or C?

Any help on how this works, or even some links/books that can shed some light on a direction, and how this is done properly would be great....

Thanks in advance to anyone taking the time to read my stuff and answer ;)

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  • Vandalia, MI · Member since 2018 · 569 posts · 264 votes
    8y

    I think you need to see a bookkeeper or a CPA to get all those questions answered. Your car and phone are used for both personal and business then you can only take a percentage for the LLC. If you have another car you use for personnel you might be able to use the whole amount. If you are over 200 miles from home all expenses are 100% If you are just eating lunch in between stops it is not covered. If you have a lunch meeting with someone then it will be 50% off on your personal taxes. Gas mileage is at $.58 a mile I believe.

    Like I said earlier you will need to have someone go over your books to show you the best way to do them. 

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