We appear to be straying from the initial question, so we need to get some things clarified:
- The $$ spent from your personal accounts should be reflected as a capital contribution to mirror the $$ spent by the member.
- However, now, it is not clear on whether or not the LLC acquired the property, or whether the property was acquired by you individually and is now being contributed to the LLC?
- If only the closing costs, et al were paid out of your funds, then "yes" those costs need to be added to the basis of the property. To balance your bookkeeping, you would have a debit to the property and a credit to the respective member's capital contribution account.
*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.
