MinhT1
Expert Alumni

Business & farm

For the asset to be placed in service in 2023, there is nothing to report on it in 2022. In 2023. the asset can be depreciated or if applicable, deducted under section179.

 

You apply he same treatment for the machinery acquired in 2023.

 

Financing your LLC with your own funds is nor reportable on your Schedule C.

 

You could also finance your asset purchase with a bank loan (if you can obtain one). In this case, the interest paid is a deductible business expense. 

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