All Forum Posts by: Sean Stack

 It’s going to be 100% business. I have another vehicle for personal use. 

Guys, I'm new to owning a business and the tax rules that go with it. Formed an LLC in 2022. Haven't done anything with it until last month. (I just bought a vacant lot that I'm getting ready to build a house on starting in Feb.) I need a work truck. Was going to wait until Jan so that I'm buying it in the same year that I'll be making some business income but is that necessary?

Would there be any benefit to buying it this month before the year ends? Can I depreciate 80% this first year against mine and my wife’s w2 income? Dealers are doing all their year end sales right now which are making me reconsider waiting till Jan. If I can write off $40k of a $50k truck expense this year that would make me move up my timeline. 

Thanks 

I formed an LLC for a home building business in 2022. It took a while to get things lined up but I'm finally getting the ball rolling here at the end of 2023. I just closed on a vacant lot, and am starting to get things set up. I will not have any business income in 2023 but should have some in 2024 once I build and sell the house. Are any of my expenses this year deductible against my wife's and my W2 income? We are both employed full time. Can anything be rolled forward into 2024?

Examples of expenses include: liability insurance, property closing costs, new work phone line, architectural blueprint design, land survey, contractor licensing fees, gas, etc.

I have my general contractors license for the first time this year. Not sure if I'm eligible for real estate professional status with that. 

I'm guessing I'm out of luck this year but figured I'd double check with all you savvy cats!

Thanks!