I have a single member LLC and file a Schedule C with my joint return with my spouse.
I thought I had read something a while back that said the purchase and placing into service had to be in the same tax year to use Section 179 but I'm not finding anything.
I purchased used equipment in 2022 for $10k that was not delivered until this year so it won't be placed in service until 2023. Equipment is 100% for business use. My LLC did not have the funds so I made a contribution to the LLC so the LLC could write a check to make the purchase. What should I report for tax year 2022 regarding the equipment purchase? I know I can't depreciate per Section 179 since it was not placed in service in 2022. If I report nothing for 2022, can I then in 2023 (when its placed in service) report a purchase date in 2022 and depreciate per Section 179? I didn't make much in 2022 so it would make more sense to depreciate in 2023.
Is there a preferred method of purchasing assets when your LLC does not have the funds? I have been making a contribution to the LLC by writing it a personal check. When I do this I don't report it as income or anywhere else in the Schedule C right?
Other details:
-In 2023 I made another used machinery purchase for $8k again made possible by making a contribution to the LLC.
-I don't expect much more asset purchases in the near future.
-Income for 2022 was $150k for my spouse and $3k for the LLC.
-I expect < $50k LLC income in 2023 and I'd be lucky to get to $100k in the next few years and as the LLC income goes up I expect my spouse to work less so total income probably won't break $200k anytime soon.
