I am a full time engineer with a large company but have been building a prototype EV built from a classic vehicle. I have an LLC and this is just on the side to see if I could make an EV kit for classic vehicles as a business. My taxes this year are very high due to some capital gains from real estate. I have been documenting costs on the prototype build which includes a donor vehicle, donor EV parts from a wrecked tesla, as well as costs to rebuild the vehicle, etc likely totaling around 40k so far. Is this something that I can add as a business expense to deduct against my income from my primary job or does it have to be carried forward until the LLC makes profit?
