transfer rehab expenses into LLC?
New investors here. We purchased a flip in our own name with cash. Have been paying for rehab costs out of our own personal account. I now have a newly opened LLC w/ tax ID and associated bank account, but haven't transferred the property into it yet. I know I should have had the LLC set up ahead of time. Newbie mistake. My questions...Is there a way to also transfer all my rehab expenses/receipts into the LLC to reduce my tax liability when I sell? If so, how? If not, should I not put the property into the LLC because then I'll be stuck with a huge tax bill because I won't have any write-offs?
Thank you, Aimee