Posted by Jimmy on July 24, 2007 at 06:37:21:
the income you have earned doing rehabs is business income. you can deduct your materials, and any expenses you incurred in doing the work. This does not mean you can deduct personal expenses.
the property mangemeent fees is also business income. same deal for expenses.
how much of you auto expenses are deductible depends on your car usage. plenty of info at IRS website on this.
LLC With limited income - Posted by Randy Kolb
Posted by Randy Kolb on July 23, 2007 at 10:49:57:
I have a real estate LLC, Iâ??m currently expending more $ then earning. Are these expenditures tax deductible if they exceed the income?
Not Enough Info - Posted by Jimmy
Posted by Jimmy on July 23, 2007 at 12:17:47:
the tax treatment of your income and expenditures depends a lot on what you are doing. please describe your real estate activities.
Re: Not Enough Info - Posted by Randy
Posted by Randy on July 23, 2007 at 12:37:23:
Started the LLC about a year ago, plan was to buy some rental property’s . It may be a buyers market now, but the sellers haven’t realized it yet. So I have not made a purchase yet. Current income this year is two home repair jobs, and I am managing the rental of a property owned by an estate. My expenscnces are mainly travel while looking for a property and repairsâ?? to the vehicle which is used for the travel