I started an LLC with the hopes of wholesaling and investing in real estate. I have since spent approx 12k on educational sales training and community memberships related to the business. How do i write off this type of expense? Note: i have not created any revenue yet.
You'll need to sign in or create an account to connect with an expert.
Yes may deduct qualifying startup cost up to $5,000 in the first year. The remaining balance will be amortized over e recovery period of a 180-months.
The IRS states the following:
A start-up cost is recoverable if it meets both of the following requirements:
Start-up costs include amounts paid for the following:
Start-up costs don't include deductible interest, taxes, or research and experimental costs.
For more details please access the link below:
https://www.irs.gov/newsroom/heres-how-businesses-can-deduct-startup-costs-from-their-federal-taxes
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
Idealsol
New Member
Ken-Dwyer
New Member
c0ach269
Returning Member
ohjoohyun1969
New Member
pmrbgr5099
New Member