I purchased a home in the name of my LLC with a hard money fix and flip loan with the intentions of reselling. My sole member LLC incurred a great deal of expenses in renovations and carrying costs and then I decided to live in the house and keep it as primary residence. I refinanced the hard money loan with a personal mortgage, transferring ownership from the LLC to myself in the process. Can I deduct my expenses and carrying costs from the LLC related to this property when filing my schedule C on my taxes? I had another house flip and loan in action under the LLC during the same timeframe that I will be reporting income and deductions for. Thanks in advance!
