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seek professional help. for US tax purposes much of those expenses would likely not be currently deductible. if you have continued losses the IRS could argue you have a hobby which would make the income taxable but would result in the disallowance of expenses that should not be capitalized. also, you may have tax issues with Mexico.
seek professional help. for US tax purposes much of those expenses would likely not be currently deductible. if you have continued losses the IRS could argue you have a hobby which would make the income taxable but would result in the disallowance of expenses that should not be capitalized. also, you may have tax issues with Mexico.
The complexities of your situation are way beyond the scope of this forum, Assuming you are a U.S. citizen or legally registered green card holder, I would expect you to have a CPA/Accountant firm on your payroll that takes care of all this stuff on your behalf. If not, then you need to find one yesterday (if not sooner) that is well versed in both U.S. tax law (as well as state tax law for your resident state) and Mexico tax law.
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