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Updated over 4 years ago on . Most recent reply
Tax write off without income
Hey BP! For my accountants and tax gurus out there...
I started an LLC ready to start real estate investing right before COVID. Looks like I'm sitting this year out (based on the market). I have business expenses related to real estate I would like to write off, but I won't have any income generated this tax year. How can I still write it off while filing taxes next year? Thanks a bunch!
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Eamonn McElroy
#5 Tax, SDIRAs & Cost Segregation Contributor
#5 Tax, SDIRAs & Cost Segregation Contributor
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- Atlanta, GA
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Eamonn McElroy#5 Tax, SDIRAs & Cost Segregation Contributor
#5 Tax, SDIRAs & Cost Segregation Contributor
- Accountant
- Atlanta, GA
They're probably start up expenditures. Capitalized and carried over to when the business is open. Some expenses might be deductible, talk to your CPA to get the dialed in answer.