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DrSoto
New Member

I am a shareholder for an LLC S-Corp in California. In 2017 I made purchases for the company and was later reimbursed. How & on what form do I report this money?

Reimbursements were from purchases for office materials or driving my own car to a sales meeting. Since this is not INCOME, how do I report it? Do I report it? 

Also, on my QuickBooks system, how do I classify the reimbursement checks given to me?

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Accepted Solutions
JulieCo
New Member

I am a shareholder for an LLC S-Corp in California. In 2017 I made purchases for the company and was later reimbursed. How & on what form do I report this money?

Purchases that you made for the LLC S-Corp and were later reimbursed for do not need to be reported on your tax return because you are correct, it is not income.  The LLC S-Corp will record the reimbursements to you as expenses on their tax return.

For your Quickbooks system set up and questions, connect with the Quickbooks Learn & Support Community here https://community.intuit.com/quickbooks-online

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2 Replies
JulieCo
New Member

I am a shareholder for an LLC S-Corp in California. In 2017 I made purchases for the company and was later reimbursed. How & on what form do I report this money?

Purchases that you made for the LLC S-Corp and were later reimbursed for do not need to be reported on your tax return because you are correct, it is not income.  The LLC S-Corp will record the reimbursements to you as expenses on their tax return.

For your Quickbooks system set up and questions, connect with the Quickbooks Learn & Support Community here https://community.intuit.com/quickbooks-online

DrSoto
New Member

I am a shareholder for an LLC S-Corp in California. In 2017 I made purchases for the company and was later reimbursed. How & on what form do I report this money?

Turbo TaxJulie Co, thank you for clarifying that.

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