Sch C expennses

[Zihappy1963]

Hello , 

LLC was set up as a  construction business in 2019( flipping houses). Mortgage was taken on my name and started remodeling. I will sell the house in 2020. Can I take all expenses that occurred in 2019 this year 2020( including car expenses and business launches). I did not have any income this year. I I take those w\expenses in 2019 on Schedule C can I take NOL carry over for 2020 taxes to lower my income from selling a house. 

Thank you 

[RobertG]

If you are reporting your construction business as a Schedule C, for flipping houses, then you should deduct expenses like vehicle expenses in 2019.

Capital expenses like construction costs should be added to the basis of the home when it is sold in 2020.

If your business creates a Net Operating Loss you can carry it over to 2020.