The dreaded tax questions begin
Hi All,
First I will start of by saying I will reach out to my accountant but I wanted to at least know what to ask and have an idea what I am talking about....maybe with tax I am dreaming...
My question is, I have a property under contract in my personal name right now and plan on quit claiming it to my LLC a week after close. (LLC wasn't completed when I found the property)All the repairs, travel bills to see the property etc will be paid using my personal credit card before quit claim? How can I ensure I can use these as write offs/deductions on my schedule C/1040 NR and what can I do to protect my LLC from being pierced when accounting for these expenses incurred while it was in my name? Can I just do an invoice to my company for the above said paid bills and the company then pays me? Its a single member LLC.
Thanks as always