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!
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Since these vehicles were never put into service (and will never be placed in service), the associated expenses would not be deductible. It doesn't sound like it would be any value to amend to the lower itemized deductions over the standard deduction that you've already used for filing.
Since these vehicles were never put into service (and will never be placed in service), the associated expenses would not be deductible. It doesn't sound like it would be any value to amend to the lower itemized deductions over the standard deduction that you've already used for filing.
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