How do I enter Capital I contributed to an LLC partnership on my personal tax?

Forum|Forum|7 years ago
June 5, 2019
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TurboTax Self Employed Online

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You do not enter capital contributed to an LLC on your individual income tax return. That amount is an investment, not a current year expense.

If or when you sell or otherwise dispose of your interest in the LLC, your capital contribution is the starting point for basis, used to determine your gain or loss on the investment.

Anonymous

Answer

You do not enter capital contributed to an LLC on your individual income tax return. That amount is an investment, not a current year expense.

If or when you sell or otherwise dispose of your interest in the LLC, your capital contribution is the starting point for basis, used to determine your gain or loss on the investment.

dalys

Level 2

Hello. I own a LLC that hold rental properties. I put 45,427 into the LLC to purchase a rental property in the LLC name. Is that considered capital contribution?