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Question

Why can't we deduct $4200 we paid to cover 2024 costs last year at our LLC hotel we are part owners of?

Forum|Forum|11 months ago
April 15, 2025
1 reply
0 views

We own 3% of the property.

Employee

Did you contribute funds to the LLC last year that were used to pay LLC expenses? If so, that transaction is considered a capital contribution that increases your basis in the LLC. There is no deduction for contributions to your investment. However, the expenses paid by the LLC should be reported on the Schedule K-1 provided by the LLC.

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