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Deductions & credits

If your LLC's business is flipping properties, you can deduct the normal type of business operating expenses, office supplies, phone etc. You can also include business mileage or the business portion of a car lease (if taking actual expenses) that you had during 2015. You cannot deduct any of the rehab costs until the property is sold.

If the LLC is only in existence for this one property and will dissolve when the property is sold, then all of the expenses go to basis and are taken into consideration when you sell the property.