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cdrisom
Returning Member

I loaned my partnership LLC money to pay the monthly interest on loan incurred to buy house to flip in 2018. House sold March 2019. Expense in 2018 or add 2 basis 2019?

LLC had no income in 2018 just expenses.  I also loaned money for yearly renewal, registered agent, amendment to add partner, utilities.   I know that everything else is added to basis, but are these things expensed in 2018 or also added to basis?

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Anita01
New Member

I loaned my partnership LLC money to pay the monthly interest on loan incurred to buy house to flip in 2018. House sold March 2019. Expense in 2018 or add 2 basis 2019?

You can expense these, your business had begun operating in 2018, you just hadn't generated income yet.

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2 Replies
Anita01
New Member

I loaned my partnership LLC money to pay the monthly interest on loan incurred to buy house to flip in 2018. House sold March 2019. Expense in 2018 or add 2 basis 2019?

You can expense these, your business had begun operating in 2018, you just hadn't generated income yet.

View solution in original post

cdrisom
Returning Member

I loaned my partnership LLC money to pay the monthly interest on loan incurred to buy house to flip in 2018. House sold March 2019. Expense in 2018 or add 2 basis 2019?

Just to clarify--I expense the interest paid in 2018 also?  It's $15,000. We'll have a loss for 2018; will it equal out in 2019.  Our profit was minimal--about $2700.00
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