2488964
Wrote a loan to acquire goods for my newly formed LLC. Was it the best way to capture this on my taxes.
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You will not report the loan value on your tax return. However, you should report any interest that you received on your personal return.
so, writing a personal loan does not reduce my personal income liability?
No, writing a personal loan to an LLC will not affect your personal tax return. It is expected that the loan will be paid off, and you would be made whole again. However, the interest will be income to you and a deduction for the LLC.
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