Yes, it is advantageous to match your sale and associated equipment purchase in 2024. Entering the equipment purchase as a business asset in 2023 and choosing the section 179 depreciation allowance will prevent the net operating loss issue and allow you to match your equipment deduction and associated sale in 2024.
Assuming you made the sale in 2023, even though you didn't receive the receipt until 2024, then you should report the equipment purchase on your tax return in 2023. You will have the option of choosing to expense (write off in the current year) the cost of the equipment as a "section 179" deduction when you enter the equipment as a business asset in TurboTax. The section 179 deduction is only allowed in the current year in an amount up to your net business income in that year, the rest will be carried over to offset business income in the next year. So, your equipment purchase will be deductible against your sales in 2024 as a carryover business deduction. You will not have a net operating loss in 2023, so you don't need to be concerned about that.
Here is a link to more information on the section 179 deduction: Section 179 deduction
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
