I started an LLC with a friend in 2018 and we bought a couple pieces of vacant land. We are eventually going to build on the land to create storage space rentals and possibly something else business related. We don’t have a lot of activity in 2018 other than funding the LLC to purchase the land, some real estate taxes, and interest. I realize that we have to capitalize the land on the balance sheet, but can we expense the real estate taxes and interest or do those have to be capitalized until there is actual revenue activity? What about bank charges too, can those be deducted before any revenue?
