Kris,
Your reply to original question is very close to my situation and VERY helpful. Thank you!
I purchased an existing boat rental business in 2024, at the end of the 2024 rental season. No income stream for 2024. Single member LLC.
I'm using turbo tax Premier (have for years).
I'm making the assumption that of the purchase price total for the acquired business (say 50K for discussion and included two boats), only the assets (boats depreciation) and expenses for the business in 2024 would be deductible?
