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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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‎February 1, 2022
5:32 PM