I have a transportation business and it was owner by someone else and they had losses. Anyhow, I took over and its under my name now and I have had 2 years(2017 + 2018) of losses on my business tax retgurn as I am starting to fix everything previous owner did. Now, I am trying to invest in buying my own trucks instead of renting, because it costs me more to rent and fix them than if I had my own. I will be investing in buying all them for a little over $25k.
Will it affect or will I get in trouble since, in 2017 + 2018 I had losses?
Please advise, thanks in advance.
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It is not unusual for a business to run a loss several years in a row if you are actively trying to build the business and run at a profit ....just keep good records in case of an audit.
what type of entity is it --- single member LLC / multimember LLC / partnership / C-Corp or what ? That can make a difference in safe harbor rules on losses
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