I bought two motorcycles and a utility trailer to start an LLC motorcycle rental business last Summer (2018). In December 2018 I decided it wasn't worth doing so I sold all three vehicles already this year (2019). I couldn't find any place on my 2018 tax return to enter the expenses I paid for for the vehicles in 2018 (taxes, titles, registration, expenses to repair and prepare for rental - approximately $2K). After completing my return I realized we would be better off taking the standard $24K deduction (married filing jointly) instead of itemizing because our deductions totaled less than $20K including the $2K of expenses I couldn't find where to enter as deductions.
I'm submitting my return as is today as is.
2 questions:
Will there be any benefit to amending the return to add those $2K expenses if I learn where to include them? (and please tell me where to include them)
Can I claim the loss of value from selling the vehicles on my 2019 return? I only had a net loss of about $200 total because I sold one of the 3 for more than I paid.
I've attached my spreadsheet of expenses if this might help to understand my questions ...
Thanks!
