In 2023, I formed an LLC for a restaurant I am going to build. I withdrew $120,000 from my IRA to use as the 20% downpayment for the purchase of property for the restaurant. When I did it, I assumed that the money would be a business expense. However, the withdrawal from my IRA is categorized as income, but I have not found a way to list it as a business expense for the property. How can I do this? The current situation is causing me to owe a large amount of income tax that I was not expecting. I am also making monthly payments on the property, which I thought would be expenses, as well, but I have not been able to list them as such.
