topic Re: LLC in Get your taxes done using TurboTax

LLC

nikaurysm — Tue, 25 Mar 2025 17:16:41 GMT

I obtained an LLC in October last year and barely made any income. However, I did spend money to fix the rental property. Can I still file for the money spent?

Re: LLC

ThomasM125 — Tue, 25 Mar 2025 17:18:30 GMT

No, you can't deduct costs for your rental property until it is available for rent.

Re: LLC

nikaurysm — Tue, 25 Mar 2025 17:31:19 GMT

The property was rented in November last year.

Re: LLC

nikaurysm — Tue, 25 Mar 2025 17:32:05 GMT

Property was rented last November

Re: LLC

MinhT1 — Tue, 25 Mar 2025 17:38:03 GMT

The money in fixing and improving the property prior to renting cannot be deducted as a rental expense, but can be added to the cost basis of your rental property.