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New Member
posted Jun 4, 2019 3:27:06 PM

We started an LLC with other partners. Can I deduct my personal expenses? Investment, travel for business. We paid from our personal bank account.

Our business did not make any money in 2016 when the LLC was created..

0 4 1725
4 Replies
Level 15
Jun 4, 2019 3:27:07 PM

Did you file the partnership return yet ?   It was due 3/15/17.

If you did then you will have gotten a K-1 from that return to enter on your personal return ...

After you enter the information from the lines of Schedule K-1, you will reach a screen titled "Describe the Partnership".  You will check the box for "I am required to pay supplemental business expenses on behalf of the partnership/LLC for which I am not reimbursed".  TurboTax will then walk you through entering the business expenses that you paid personally.

New Member
Jun 4, 2019 3:27:09 PM

Thanks Critter#2. We have not filed our LLC taxes, we got an extension. We did not make any money and we will not be reimbursed for our expenses. If I am able to able to write off expenses will I also be able to write investment money?

Level 15
Jun 4, 2019 3:27:10 PM

You really need to get professional help to get educated in the bookkeeping & filing requirements for a partnership  ...  your investment in the business increases your basis ... it is not a deductible expense.

New Member
Jun 4, 2019 3:27:11 PM

Thanks I will wait for our CPA to finish her work then file mine.