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Business & farm
I called it a hobby, however in the context of the IRS it was never a hobby business. Why can't I simply sell my personal equipment to the LLC? I then show that as personal income on my Sch A(easily over the 2% rule) and then the LLC can begin to depreciate the equipment based on FMV. Is this not what would happen if I sold my equipment to a business that I am not associated with?
‎June 4, 2019
8:12 PM