New Builder Advise???

1 Reply

I work a regular full time job and i just started a new LLC for building new construction homes for extra income.. I'm almost finished with my first build which is a 2000sqft 4 bedroom home that I have priced at 195k.. Question is in case I don't sell it before the year ends, how can I use my spec house funded through my LLC to offset what taxes I've paid in on my regular job?? Thanks​!

@David Willis

You can deduct all business expenses that are not specifically connected to this house.

Non-deductible: labor and materials, permits, plans, utilities, property taxes, builder's risk insurance, etc.

Deductible: LLC formation, driving, office expenses, marketing, education, cell phone use, etc.

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