downunder301
Returning Member

Business & farm

Agree. I have a similar situation. I have a single member LLC that will file schedule C. I plan to purchase a business through an asset sale, write-off almost all of the purchase price for the assets through section 179 and use this loss to offset a huge chunk of my W2 income elsewhere. Don't know why in this or your situation where you are filing schedule C and have W2 income, why not use section 179 loss against your W2 income?