Tax write off without income

4 Replies

Hey BP! For my accountants and tax gurus out there...

I started an LLC ready to start real estate investing right before COVID. Looks like I'm sitting this year out (based on the market). I have business expenses related to real estate I would like to write off, but I won't have any income generated this tax year. How can I still write it off while filing taxes next year? Thanks a bunch!

Originally posted by @Jorge Rivera :

Hey BP! For my accountants and tax gurus out there...

I started an LLC ready to start real estate investing right before COVID. Looks like I'm sitting this year out (based on the market). I have business expenses related to real estate I would like to write off, but I won't have any income generated this tax year. How can I still write it off while filing taxes next year? Thanks a bunch!

On top of what @Eamonn McElroy said, might also depend on the business activity. Rental and flips have different treatment depending on other various factors. Talk to your tax advisor.