https://ttlc.intuit.com/community/business-taxes/discussion/created-a-single-member-llc-in-november-with-no-income-for-the-remainder-of-the-year-only-expense/01/2151664#M71253 Tue, 30 Mar 2021 16:27:53 GMT jmmeaviles 2021-03-30T16:27:53Z https://ttlc.intuit.com/community/business-taxes/discussion/created-a-single-member-llc-in-november-with-no-income-for-the-remainder-of-the-year-only-expense/01/2151664#M71253 Tue, 30 Mar 2021 16:27:53 GMT https://ttlc.intuit.com/community/business-taxes/discussion/created-a-single-member-llc-in-november-with-no-income-for-the-remainder-of-the-year-only-expense/01/2151664#M71253 jmmeaviles 2021-03-30T16:27:53Z https://ttlc.intuit.com/community/business-taxes/discussion/re-created-a-single-member-llc-in-november-with-no-income-for-the-remainder-of-the-year-only-e/01/2151753#M71256 <P>Please clarify - did you commence operations in 202, i.e. did you place the food truck in service in 2020?</P> Tue, 30 Mar 2021 16:46:21 GMT https://ttlc.intuit.com/community/business-taxes/discussion/re-created-a-single-member-llc-in-november-with-no-income-for-the-remainder-of-the-year-only-e/01/2151753#M71256 ToddL99 2021-03-30T16:46:21Z https://ttlc.intuit.com/community/business-taxes/discussion/re-created-a-single-member-llc-in-november-with-no-income-for-the-remainder-of-the-year-only-e/01/2151797#M71258 <P>He only created the LLC and purchased the food truck in 2020.&nbsp; He just started the business of selling out of it last week.&nbsp; So there was no income for 2020 and only expense was purchase of food trailer.&nbsp;<a href="https://ttlc.intuit.com/community/user/viewprofilepage/user-id/2949618">@ToddL99</a>&nbsp;</P> Tue, 30 Mar 2021 16:53:22 GMT https://ttlc.intuit.com/community/business-taxes/discussion/re-created-a-single-member-llc-in-november-with-no-income-for-the-remainder-of-the-year-only-e/01/2151797#M71258 jmmeaviles 2021-03-30T16:53:22Z https://ttlc.intuit.com/community/business-taxes/discussion/re-created-a-single-member-llc-in-november-with-no-income-for-the-remainder-of-the-year-only-e/01/2151963#M71268 <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif"><U>Do&nbsp;not report the food truck&nbsp;on your 2020 tax return. In&nbsp;order to claim an&nbsp;expense or depreciation for business equipment, it must have been placed in service in the year you are claiming the deduction.</U></SPAN></SPAN></P> <P>&nbsp;</P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">On your 2021 tax return, enter the food truck in the Assets being Depreciated interview of Business Income and Expenses &gt; Your Business &gt; Business Assets. &nbsp;</SPAN></SPAN></P> Tue, 30 Mar 2021 17:24:42 GMT https://ttlc.intuit.com/community/business-taxes/discussion/re-created-a-single-member-llc-in-november-with-no-income-for-the-remainder-of-the-year-only-e/01/2151963#M71268 ToddL99 2021-03-30T17:24:42Z https://ttlc.intuit.com/community/business-taxes/discussion/re-created-a-single-member-llc-in-november-with-no-income-for-the-remainder-of-the-year-only-e/01/2152003#M71270 <P>Thank you!!&nbsp;<a href="https://ttlc.intuit.com/community/user/viewprofilepage/user-id/2949618">@ToddL99</a>&nbsp;</P> Tue, 30 Mar 2021 17:33:39 GMT https://ttlc.intuit.com/community/business-taxes/discussion/re-created-a-single-member-llc-in-november-with-no-income-for-the-remainder-of-the-year-only-e/01/2152003#M71270 jmmeaviles 2021-03-30T17:33:39Z