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I loaned my partnership LLC money to pay the monthly interest on loan incurred to buy house to flip in 2018. House sold March 2019. Expense in 2018 or add 2 basis 2019?

Forum|Forum|7 years ago
June 4, 2019
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LLC had no income in 2018 just expenses. I also loaned money for yearly renewal, registered agent, amendment to add partner, utilities. I know that everything else is added to basis, but are these things expensed in 2018 or also added to basis?

TurboTax Business Windows

Best answer by Anita01

You can expense these, your business had begun operating in 2018, you just hadn't generated income yet.

A

Anita01Answer

Employee

You can expense these, your business had begun operating in 2018, you just hadn't generated income yet.

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cdrisomAuthor

Just to clarify--I expense the interest paid in 2018 also? It's $15,000. We'll have a loss for 2018; will it equal out in 2019. Our profit was minimal--about $2700.00