Putchasing equipment for an LLC and writing off

[Shane Smith]

Im a member in a 50/50 partnership LLC that flips homes. I have shifted gears from real estate podcasts and books to advanced tax books. I consistently hear that the rich tax savvy individuals buy property and equipment in the businesses name. How do I physically do that?

For example, my business has identified the need for a quality hydraulic dump trailer. How do i write that off and time that purchase? Also, I could seriously use more space as the business grows. There is a run down garage near me that im interested in, how do i purchase that in the businesses name?

Note, my business hasn’t made any profit yet. Our first flip goes on the market this month, so no regular income. I plan on discussing this with a CPA soon, im using this discussion as a sounding board to work out the dumb misguided ideas so i sound at least a little knowledge. Thank you.