Question

I formed a multimember LLC with a partner last year. I used a personal credit card for operating and startup costs. Should I report as expenses or cash/prop contributed?

Forum|Forum|7 years ago
June 4, 2019
1 reply
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We operate a mobile climbing wall. I purchased the wall and provided funds for all other expenses (real and intangible goods). Should these purchases be reported in the company's filings as cash or property contributed, or should I list them as expenses related to the business in my personal return?

TurboTax Self Employed Online

R

RichardK

Employee

The partnership expenses should be reported by the partnership, your contribution increases your capital account. Then you report income and expenses from the K-1 (the partnership provides to you) on your personal return.