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Guest
What is the name of your state? new york
Started a sole prop in 03. That is I bought tools and a truck in 03. I have -0- income. Should I do the schedule C and show a loss or should I wait and put all the tools and vehicle in service in 04?
I'm concerned filing the first C with no income will produce an audit.
Also, if I put the tools and vehicle in service in 04, can I use the original cost or do I have to show some depreciation?
If more detail needed let me know.
Thanks
Thanks Snipes for the input on another question I had.
Started a sole prop in 03. That is I bought tools and a truck in 03. I have -0- income. Should I do the schedule C and show a loss or should I wait and put all the tools and vehicle in service in 04?
I'm concerned filing the first C with no income will produce an audit.
Also, if I put the tools and vehicle in service in 04, can I use the original cost or do I have to show some depreciation?
If more detail needed let me know.
Thanks
Thanks Snipes for the input on another question I had.