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

[MichaelMc · Accepted solution]

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]

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?

[SweetieJean]

Is it s solo LLC?

[dalys]

Yes, it is a solo LLC, but my wife is a manager

[dalys]

It is a "domestic LLC" Not a partnership.

[TaxGuyBill]

@dalys   For a Single Member LLC (that has not made an election to be taxed as a corporation), the IRS does not recognize the LLC exists (for most purposes).  Therefore, you and the LLC are the same.  Therefore, there really isn't such thing a Capital Contribution for tax purposes.

[hklam76]

couldn't figure out where to post this - so thought this might work since it's talking about llcs. i had invested into an llc in 2007 but in 2017 it ended in bankruptcy. i had been getting yearly k-1's. where do i report the remaining balance/investment as a total loss - on the k-1 section for "other capital gain loss carryovers" or on the stock/bond section that gets reported onto the schedule d? or somewhere else? thanks!