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Should Income I put into the Business to pay off CC be considered income for the Business? 1065
My business didn't generate income for 2021. But at at the start of Q2 I did move over $5000 from my personal bank acct to the business bank account for the sole purpose of paying off the Business credit card debt.
Should that be considered Business Income?
In Form 1065, Income Section 1a: $5000. Line 3 $5000 and Line 8 $5000
This is money I don't plan on treating as a loan as the business now has $0 in assets, and therefore don't plan on getting it back.
