Deductions & credits

Yes, if you used your personal credit card to pay for lumber for your LLC partnership, you can take a deduction for the expense.  

You can do it a couple of ways.  

1. You can treat it as an unreimbursed partnership expense.  To do this take the following steps:

•  you will walk through the steps of entering your Schedule K-1 that you receive from the Partnership and select I am required to pay supplemental business expenses on behalf of this partnership/LLC for which I am not reimbursed. The K-1 entries can be found under the Personal Income section in the Home and Business version under Business Investment and Estate/Trust Income or using Jump To or search in Premier or the online version. 
• on the next page select Yes to does your partnership agreement require you to pay any expenses out of your own pocket.
• continue through until you get to Miscellaneous Supplemental Expenses.  Enter building materials or whatever the lumber was used for and the amount, then click continue. 

2. You can treat it as an increase in your capital contributions to the partnership. Then have the partnership take the deduction. This would be done while filling out the 1065 and Schedule K that will be distributed to the partners. 

The first method may be easier and you personally would receive the entire deduction for the lumber instead of splitting it among all partners.