Reimbursement of capital paid to the business

[BandG]

In 2016, I started a multi-member partnership, LLC involved with consulting services and contributed $1,000 dollars of my own money as start-up costs to the business. In 2017, the business generated revenue based on several jobs we booked. For tax purposes in 2017, we declared all income, and paid out all expenses. In 2018, the business was dissolved due to the fact I was moving locations, but we still had approximately $1200 dollars in our checking account. I reimbursed myself back $784 dollars as reimbursement. Where would I show that reimbursement in my 2018 taxes?

[LudwigVan_fan]

In dissolving the LLC/ multi-member partnership, there are several things to consider.  First is the final K-1 which shows the separately stated items from the partnership that must be reported.

Then there is the disposition of your partnership interest.  That is considered the disposition of a capital asset.  After considering the final K-1 adjustments, you have to recompute your the basis in your partnership interest.

You then compare the basis of the partnership interest to what you receive.  The difference is generally a capital gain or loss.  However, certain things such as unrealized receivables/inventory, etc., may result in ordinary gain.  Here are some links to help.

https://taxmap.irs.gov/taxmap/pubs/p541-007.htm

https://www.irs.gov/pub/irs-pdf/p541.pdf