Question
Jeff is a sole proprietor of a construction business: a contractor.........Jeff bought a property in 2015 and got his employees to build him a rental
Jeff is a sole proprietor of a construction business: a contractor.........Jeff bought a property in 2015 and got his employees to build him a rental duplex......the property and duplex are under his name and not under the business name.........Jeff put all the material and labour as business expenses......his business now shows a huge loss.........How to fix? Should Jeff bill himself for the work done and material bought by his business or should he remove all of the house construction expenses from the business expenses? Problem here is that we cannot remove the labor cost as it was done through payroll.....I would appreciate any suggestions
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