Still looking for answers on this. The biz taxes are done as part of personal taxes as an LLC.
Is this how it word work: I personally own an item. I write a check from the LLC account to myself, let's say for $250. I then sell it for $300 through the LLC as a used item. Forgive me if I'm not using right terminology here, but would I report the $250 as an expense/inventory purchase, then pay income tax on the $50 difference?
Or, do I basically have to "give" the item to the business and report the entire $300 as income?
