I loaned 3 of my LLC's money, where do I put them in on Turbo?
011224
1 Best answer
PatriciaV
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
PatriciaV
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.