We did not reimburse ourselves for these costs and do not plan to.
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Absolutely. When you advertise as open for business and you can begin business operations you can begin to deduct expenses.
The IRS language states you must be engaged in the activity to produce a profit. It is reasonable to have a loss on the overall business in the first couple of years while you gain momentum. The rule they use is three years of profit out of every five consecutive year period.
Absolutely. When you advertise as open for business and you can begin business operations you can begin to deduct expenses.
The IRS language states you must be engaged in the activity to produce a profit. It is reasonable to have a loss on the overall business in the first couple of years while you gain momentum. The rule they use is three years of profit out of every five consecutive year period.
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