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Updated over 10 years ago on .
Deduct expense from agent commission under LLC?
Hello,
Really appreciate advice on the two question below:
1. I currently own a LLC with my husband, which has an rental property. I just became a real estate agent. Can I perform real estate agent activities under that LLC?
2. If so, can I deduct prior year carried over rental expense loss from the agent commission I earned? E.g. I makes about $10k agent commission, and I have rental loss for $10K, which can completely offset the earning. Do I still need to pay income tax for the $10K agent fee if all the activities were performed under LLC?
3. I know people can buy a car and expense it under LLC. Any restriction on the car purchase?
Many thanks for your advice.
Regards,
Ping