I Own An LLC That Does Rehab And Flip Of Residential Homes. Can I Allocate The Time I Spend Doing A Lot Of The Work To The Job Costs?
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Tax Professional Answers
Jim Marshall, EA
In general, you should allocate time/value to projects to better reflect the gain or loss on each property, however, for tax purposes you do not deduct these amounts and your income is reflected in the taxable income at the end of the tax year.
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304 weeks ago