topic I loaned my partnership LLC money to pay the monthly interest on loan incurred to buy house to flip in 2018. House sold March 2019. Expense in 2018 or add 2 basis 2019? in Business & farm

I loaned my partnership LLC money to pay the monthly interest on loan incurred to buy house to flip in 2018. House sold March 2019. Expense in 2018 or add 2 basis 2019?

cdrisom — Tue, 04 Jun 2019 23:37:14 GMT

LLC had no income in 2018 just expenses. I also loaned money for yearly renewal, registered agent, amendment to add partner, utilities. I know that everything else is added to basis, but are these things expensed in 2018 or also added to basis?

You can expense these, your business had begun operating...

Anita01 — Tue, 04 Jun 2019 23:37:19 GMT

You can expense these, your business had begun operating in 2018, you just hadn't generated income yet.

Just to clarify--I expense the interest paid in 2018 also...

cdrisom — Tue, 04 Jun 2019 23:37:20 GMT

Just to clarify--I expense the interest paid in 2018 also? It's $15,000. We'll have a loss for 2018; will it equal out in 2019. Our profit was minimal--about $2700.00