I sold a personal vehicle and used the proceeds to purchase 2 pieces of equipment for my LLC partnership. Can I claim on my personal taxes?

[TaxGuyBill]

If you gave the equiipment to the Partnership, I agree with Vanessa's answer below.

If you kept personal ownership of the equipment but are just USING it for Partnership purposes, then the next question is this:  Does the Partnership Agreement REQUIRE to you pay for such expenses?

[Vanessa · Accepted solution]

No, you can't claim it on your personal taxes.  Basically, this was a cash contribution and increased your basis in the LLC.  Similar to when you buy stock in a corporation, you can't take a deduction for purchasing the stock, you just get to deduct the amount you paid from the profit when you sell the stock.