I have a single member LLC (Sch. C) which is building a rental project and when finished will be the landlord. All expenses will be added to basis, besides the dollars paid for formation. Gift were made to subs in excess of the allowable $25. I assume non-deductible expenses translate into expenses that cannot be added to bases either?
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Originally posted by Gabriele View PostI have a single member LLC (Sch. C) which is building a rental project and when finished will be the landlord. All expenses will be added to basis, besides the dollars paid for formation. Gift were made to subs in excess of the allowable $25. I assume non-deductible expenses translate into expenses that cannot be added to bases either?
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Harlan Lunsford, EA n LA
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