Hello,
I am a long time user of turbotax online and am currently in the process of forming an LLC. I plan to purchase a business vehicle as soon as I'm up and running. My understanding is that vehicle exceeds 6000lbs GVWR and should be eligible to be fully deducted/expensed under Section 179. This vehicle would be placed under service prior to end of 2020.
With that being said, I do not anticipate generating very much business income for 2020 (given very little time left) and fully expensing the above vehicle will likely result in a substantial NOL.
Fortunately, I have another full time job with income exceeding the theoretical NOL by a large amount. Would I be able to fully apply the NOL against my personal income? If so, would I be required to take the itemized deduction or could I still elect for the standard deduction?
Would the NOL effectively lower my personal AGI?
Any help would be greatly appreciated!
Thank you!
