I formed a single-member LLC in 2021. But, did not receive any income in 2021. Do I need to report the formation in order to write off start-up cost and formation costs?

[Vanessa A · Accepted solution]

Yes, in order to claim the start up costs, you would need to enter the new business on your tax return.  Depending on how you filed your LLC if you are considered a disregarded entity you will just enter it on Schedule C

As you walk through the questions in TurboTax Home and Business or TurboTax Self-Employed, you will be asked if you started or stopped this business in 2021.  Answer yes and you will be guided through entering your start up costs. 

[mnjr_global]

Thank you. I saw the question and I'm proceeding from there.