I opened an LLC this year but only made $500. I spent a large amount on home reno items, is there any way for me to write off those expenses against my pers. income?

Forum|Forum|3 years ago
December 3, 2022
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I Have an EIN number. The home is in my name and the business income is aimed at making money through online videos. Is there any way for me to get back money I made from my W2 hourly job with those business investments or other significant write offs? Otherwise I will probably close the LLC until I am generating more business income. Business is in California, Thanks.

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leeloo

Renovations to your personal home are not a business expense. Should you have an official home office, you can deduct a percentage from your business income. Improvements are added to the basis of your home and then depreciated on Form 8829.

Pleasae see https://www.irs.gov/taxtopics/tc509 for more information.