Taxes on a flip

[Forrest T Schue]

Hello. I’m currently in escrow for a property in Ohio that I was going to originally hold and rent, but now am wanting to flip.

I do not yet have an LLC set up in order to buy this property, and will be buying it personally. But I have recently learned the deduction tax benefits of flipping a property under an LLC.

If I set up my LLC, and move the property into it, AFTER,I purchase it in my own name, will I still be able to write off the purchasing cost along with the rehab costs when I file my taxes?