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mipascale
New Member

When did my business start?

I went to home inspector school in October 2016, passed my state licensing test in November, purchased liability insurance in December, set up my LLC in February 2017, I had no income from my new business in 2016.

What date can I use for when my business started, November 10th when I passed my state licensing test, or February when I set up my LLC?  

What can I claim in 2016?
1 Best answer

Accepted Solutions
RichardG
New Member

When did my business start?

The costs of going to inspector school and taking the exam are not deductible.  The IRS does not allow tax deductions for costs associated with entering a new trade or business.  Your only deductible expense for 2016 is the insurance premium. 

Your business started sometime after November 10, whenever you began holding yourself out as a house inspector and soliciting business.  

View solution in original post

1 Reply
RichardG
New Member

When did my business start?

The costs of going to inspector school and taking the exam are not deductible.  The IRS does not allow tax deductions for costs associated with entering a new trade or business.  Your only deductible expense for 2016 is the insurance premium. 

Your business started sometime after November 10, whenever you began holding yourself out as a house inspector and soliciting business.  

View solution in original post

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