Bartleby the Scrivener - How risky is it to tak...
How risky is it to take deductions for C2C/LLC if I had zero revenue this year? I paid the initial filing fees, plus bought a few pieces of equipment I'd certainly expense if I had any contracts, but having 0 for 2023, I don't know if this is permissible/explainable or not worth the risk; total spend is probably only $500-600 on things or whatever. Thanks!
5 Replies
like-gold•11mo ago
yh that should be fine
cuz i think u can lose money for first couple of years
since reasonable
and 500-600 doesn't sound a like a lot for deducting
i would expect to be able to lose money for a year or two in between profit years as well cuz it's a business
and there are ups and downs
seems reasonable
eager-peach•11mo ago
That's the hope, certainly not trying to expense a Hummer and claim it's legit lol
deep-jade•11mo ago
after depreciation, my rentals have never turned a profit. 👍
eager-peach•11mo ago
I have none
I don't trust it
Too many dispirate risks
correct-apricot•10mo ago
Courtesy disclaimer, not a CPA, blabla
My opinion: $500 is peanut skin.
Consider the plethora of new businesses operating at loss and writing off expenses and debt, tens and hundreds of $1000s every year for years.