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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1 Best answer
ee-ea
Level 15
Jun 1, 2019 12:39:13 AM
They will be nondeductible inventory until sold. When sold deduct as Cost Of Goods Sold.
1 Replies
ee-ea
Level 15
Jun 1, 2019 12:39:13 AM
They will be nondeductible inventory until sold. When sold deduct as Cost Of Goods Sold.