I started an LLC in 2017with my husband and I as co-owners,in CA. We both materially participated. There were only expenses ($10K) and no income. What do I need to file?

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1 Best answer

Level 1

Jun 6, 2019 11:10:11 AM

Since the LLC started in 2017 and have no income for the year, the LLC is eligible for a startup business expense deductions. Read the following TurboTax answer to understand how expenses are handled. https://ttlc.intuit.com/replies/6498412

Reference Startup Links

TurboTax Startup

IRS Startup Costs & Business Expenses

Level 1

Jun 6, 2019 11:10:11 AM

Reference Startup Links

TurboTax Startup

IRS Startup Costs & Business Expenses

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I started an LLC in 2017with my husband and I as co-owners,in CA. We both materially participated. There were only expenses ($10K) and no income. What do I need to file?