I'm a single member LLC taxed as an s-corp as of 1/1/22.
All income this year was used to build a free-standing office building.
Since the income alone was not enough to cover the cost, I put personal money into the business to cover the extra cost for it.
As such, I didn't pay myself any salary as any income was also used to build the office building.
And I still have paid-in capital invested I would like to be paid back for.
Question 1: Is it ok that I didn't pay myself salary all year since I used all income to build the office?
Question 2: Does the fact that the office building have to be depreciated over 39 years make me owe taxes on the business income, even though I couldn't pay myself anything?
Question 3: If in 2023, I pay myself back from paid-in capital, are those payments tax free and not considered distribution? What would those payments be called?
Thank you so much for your time!!
