LLC and Personal Tax Deductions?
Me and 3 brothers are equal partners in a LLC we formed mid 2007. We did not start doing any business until after January 1st, 2008. However, all of us incurred separate personal expenses in 2007 to get the LLC started. Can we deduct these expenses on our personal tax returns? or?
Tags: equal partners, january 1st, personal expenses, personal tax returns
#1 written by botygy May 14th, 2010 at 21:52
Yes, you can credit your individual capital accounts in the LLC for the expenses you paid, file a form 1065, Partnership return and report the expenses to you on Schedule K-1.