In 2017 we started an LLC and transferred some money from our personal account to the LLC checkings account for initial funding. The LLC is a single-member so we report all income and expenses on our personal tax return.
My question is if that transfer of funds qualifies as a deduction in itself? If so I'm assuming it works the other way around as well - that is, if we transfer the money back to our personal checking account it would need to be reported as income?
Ideally I'd like to be able to transfer money back and forth between the two bank accounts without triggering a taxable event, and only deduct expenses / pay for income. But then I'm not sure how the IRS sees it.
Thanks in advance!
