I started an LLC with the hopes of wholesaling and investing in real estate. I have since spent approx 12k on educational sales training and community memberships related to the business. How do i write off this type of expense? Note: i have not created any revenue yet.
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Yes may deduct qualifying startup cost up to $5,000 in the first year. The remaining balance will be amortized over e recovery period of a 180-months.
The IRS states the following:
A start-up cost is recoverable if it meets both of the following requirements:
Start-up costs include amounts paid for the following:
Start-up costs don't include deductible interest, taxes, or research and experimental costs.
For more details please access the link below:
https://www.irs.gov/newsroom/heres-how-businesses-can-deduct-startup-costs-from-their-federal-taxes
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