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Updated about 14 years ago,
Using LLC to expense home office
I am wanting to set up a nice home office for potential real estate and/or other ventures (none right now except for my own home).
I have 1 small filing cabinet, a computer, and a desk. I am wanting to purchase a large filing cabinet system and do everything else to have a well organized set up.
Can I start an LLC, which I will purchase investment property under in the future - but that may be years out, and expense such home office costs. An LLC is a pass thru entity and I can claim those deductions on my personal taxes, and with no current income to the LLC i would essentially be writing just the home office expense off on my taxes at this point.
Is this kosher, being as I don't have any income to the LLC and probably won't for at least a year or more? I do fully intend to use the LLC as an investment holding company at some point.