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redpoint5 · 10-07-2020, 11:14 PM

Businesses don't even have to be official. I depreciated the rental units I had in Enid despite the fact that we never setup an LLC. My partner and I split everything (expenses and income) 50/50 on our personal taxes.

Deductions need to exceed the standard deduction to be worthwhile.

10-07-2020, 11:14 PM	#642 (permalink)
redpoint5 Human Environmentalist Join Date: Aug 2010 Location: Oregon Posts: 12,771 Acura TSX - '06 Acura TSX 90 day: 24.19 mpg (US) Lafawnda - CBR600 - '01 Honda CBR600 F4i 90 day: 47.32 mpg (US) Big Yeller - Dodge/Cummins - '98 Dodge Ram 2500 base 90 day: 21.82 mpg (US) Chevy ZR-2 - '03 Chevrolet S10 ZR2 90 day: 17.14 mpg (US) Model Y - '24 Tesla Y LR AWD Pacifica Hybrid - '21 Chrysler Pacifica Hybrid 90 day: 57.45 mpg (US) Thanks: 4,320 Thanked 4,474 Times in 3,439 Posts	Businesses don't even have to be official. I depreciated the rental units I had in Enid despite the fact that we never setup an LLC. My partner and I split everything (expenses and income) 50/50 on our personal taxes. Deductions need to exceed the standard deduction to be worthwhile. __________________ Gas and Electric Vehicle Cost of Ownership Calculator Give me absolute safety, or give me death!