I'm currently doing business under my personal name trying to build my credit. I have flipped two houses this year. I also have an LLC formed but did not purchase the house through it.
My question is can I still write off certain purchases like a new truck or equipment for work under my own name as I would through the LLC.
Also flipping under my name am I doing it wrong should I have just done it all through the LLC?
I'm new to the flipping business but I eager to learn some tips that can make my future deals a lot easier.
Thank You , Ryan
You can still write off expenses for vehicles etc. if they are registered in your personal name if they are considered a business expense for your LLC. Purchasing vehicles and properties for your business and having them registered in your personal name does reduce (and most likely eliminate) the liability protection that the LLC would provided.
I am not an attorney or CPA so please seek legal advice.