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dlos6891
New Member

Trying to start a side business in flipping cars. How should I treat car costs that I incurred? Can i deduct the whole amount i paid for that car as a business expense ??

 
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ee-ea
Level 15

Trying to start a side business in flipping cars. How should I treat car costs that I incurred? Can i deduct the whole amount i paid for that car as a business expense ??

They will be nondeductible inventory until sold. When sold deduct as Cost Of Goods Sold.

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ee-ea
Level 15

Trying to start a side business in flipping cars. How should I treat car costs that I incurred? Can i deduct the whole amount i paid for that car as a business expense ??

They will be nondeductible inventory until sold. When sold deduct as Cost Of Goods Sold.

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