Thanks for the clarification. I have had the LLC since 2020 as I was considering doing some design consulting services but never did. This is the first year I have really put time and money into this aspect of the business to develop EV kits for classic vehicles. For this year I have over 40k in expenses (donor vehicle, ev batteries, fabrication supplies, materials, etc). If this would be considered start up expenses I noticed it says a max deduction of 5k. Is there a way to enter this as startup expenses in turbotax or should some of these expenses be classified differently? From a chat w/the live assistant I was told to put them in as misc expenses for the business and I assumed turbotax would file it properly. The plan will be to highlight in some EV shows this year to take pre-orders and get an investor for a more production intent version but I wouldn't expect to really see any profits until 2025.
