AliciaP1
Expert Alumni

Deductions & credits

If you are a Single-Member LLC you can claim your truck on your Schedule C even though it is in your personal name.  The IRS views a Single-Member LLC as a Disregarded Entity so you and your company are essentially one and the same.

 

The 2021 expenses should be capitalized into the cost of the asset (house/building).  The 2022 costs should be treated the same way.  Once the house/building is built, you would expense any maintenance or replaceable costs.  The deduction comes from reducing the potential gain at the time of sale.

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