Can you expense out buying property?

[SocalDinar]

Just trying to figure out a few things before meeting with a new  CPA 

 

My electrical contracting business is having a banner year. Actually the best year ever in my career.

Done over $2 Million this year to date at year at over 50% profit..  My wife daughter and I are on payroll and have given ourselves raises as high as we dare to go to stay under stupid high tax rates.  I've actually stopped billing customers at this point and holding off till next year to defer payments. Cant hold checks because everyone uses ACH these days. Jobs are primarily done and customers are using these electrical systems  but leaving a few loose ends so i don't have to invoice legally. My POs state that  jobs must be 100% complete to invoice.

Bought all new trucks and lots of new equipment. Might start stocking my shelves and expensing to jobs but these are all commodities and not sure what copper and steel are going to do in the next few months

 

My plans are to buy a property cash before years end. I started a new LLC and will distribute funds to it and then rent back to my contracting business.  I know i can expense out all improvements but my question is can i expense out the property purchase itself. If I cant Ill buy one on the cheap and then upgrade myself but prefer to do as little work as possible if i can expense out  a higher valued property.  Anyone know the tax codes for an S corp and if this is allowed. Some tax codes changed in 2020 but have yet to get a confirmed answer from what my accountant has told me.   Gonna pay a CPA to get some advise and trying to see how to spend this money in the next 3 months

 

Thanks in advance

[SocalDinar]

Hired a new CPA and In short the answer is no. I cant expense a purchase. Just trading one asset for another.  So better buying a fixer upper for cheap and pay the taxes ( 50% ) on that money but we can write off 100% of the improvements and when we sell pay capitol gains.  Most likely put in a trust and then the kids will get when i take a dirt nap with no taxes until they sell it and then only the amount it has appreciated.