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posted Jun 4, 2019 7:25:20 PM

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

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

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1 Best answer
Expert Alumni
Jun 4, 2019 7:25:21 PM

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.

1 Replies
Expert Alumni
Jun 4, 2019 7:25:21 PM

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.