Where do I put in loans that my LLC's borrowed

taustin172 · ‎June 4, 2019

I loaned 3 of my LLC's money, where do I put them in on Turbo?

PatriciaV · ‎June 4, 2019

The money you invested in your LLC's is considered equity (even if documented as a loan) and is not reported for tax purposes. If you received interest income from the loans, you would report those payments under personal income.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

PatriciaV · ‎June 4, 2019

The money you invested in your LLC's is considered equity (even if documented as a loan) and is not reported for tax purposes. If you received interest income from the loans, you would report those payments under personal income.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Expert does your taxes

Do it yourself

Resources

Support

Expert does your taxes

Do it yourself

Resources

Support

Where do I put in loans that my LLC's borrowed