Kevin18
New Member

Deductions & credits

Clarifying question:  I'm in the same situation where I sold the flipped property in January 2016 but most of my expenses were paid in 2015.  2015 was my first year of operation and this was my first project.  Are you saying that I am to report all of my business expenses (including company car lease) from 2015 when I file my 2016 taxes next year?  In that case, do I still need to file anything for my LLC this year for 2015 since no sale was made in 2015?