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Updated almost 4 years ago, 01/24/2021
Start up/ Tax questions
Hello i bought my first piece of property in march of 2020 and have invested my own money in totally demoing and fixing it up myself in the evenings. I have not set up my LLC up yet due to not having any income coming in yet. I have took a chunk of savings that i had set aside to buy a house that was in very poor condition and to put back into live-able condition. I didn't finish the house to put a tenant in it by the end of 2020. How/am I able to deduct the cost that i paid out in 2020 on my taxes?