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I sold a personal vehicle and used the proceeds to purchase 2 pieces of equipment for my LLC partnership. Can I claim on my personal taxes?
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June 4, 2019
2:50 PM
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Business & farm
If you gave the equiipment to the Partnership, I agree with Vanessa's answer below.
If you kept personal ownership of the equipment but are just USING it for Partnership purposes, then the next question is this: Does the Partnership Agreement REQUIRE to you pay for such expenses?
If you kept personal ownership of the equipment but are just USING it for Partnership purposes, then the next question is this: Does the Partnership Agreement REQUIRE to you pay for such expenses?
June 4, 2019
2:50 PM
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Business & farm
No, you can't claim it on your personal taxes. Basically, this was a cash contribution and increased your basis in the LLC. Similar to when you buy stock in a corporation, you can't take a deduction for purchasing the stock, you just get to deduct the amount you paid from the profit when you sell the stock.
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June 4, 2019
2:50 PM