H-H
New Member

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?