Does a business expense for an LLC Partnership need to be paid out of a business account to be deductible?
I have an LLC Partnership and paid for some costs through a personal credit card, which my partner later reimbursed me half of it. It was not paid out of a business account nor business credit card. In this case, would I still be able to deduct it?
Does a business expense for an LLC Partnership need to be paid out of a business account to be deductible?
Yes it is deductible and you and your partner need to find someone to educate you on how to keep your books so completing the partnership return timely will be easier to do. What you had is a loan from partner and a repayment of the loan ... at no time was this considered income to the business account but the business still can deduct it.