Hi, first time posting here. Have a similar scenario. Formed LLC Oct. 2021 to purchase a fixer upper. Target flip completion is summer this year. No income. Are fees related to purchase /renovation (closing, architect, construction permits) considered expense or startup cost?
From what I've read so far no need to file form 1065 if there is no income and no expense. Just need to reconfirm this. And if those fees mentioned are considered startup cost ,which I am hoping is true as it's already past the filing date and don't want to pay penalty.
Grateful for any helpful response I can get.
