Equity deposit into single member LLc

[joblak1]

Hello- I have a single member LLC. I have self funded the LLC over the last year." w. periodic deposits from personal checking into business checking. It is my understanding that these equity deposits are not counted as income. 

Can I “write off” the amount I used to fund the business on my personal taxes?

[Mike9241 · Accepted solution]

Can I “write off” the amount I used to fund the business on my personal taxes? for tax purposes, a single-member LLC is the same taxpayer as you.  You can not write off money transferred from your right to your left pocket since you are no poorer. Thus these deposits are not deductible. However, depending on what the money put in was used for you may be entitled to deduct those expenses. Any revenue you receive is also reportable. 

[Carl]

A single member LLC is a disregarded entity in the eyes the IRS. So money earned by the LLC is treated the same as money earned by you. Putting money from your personal funds into the business account does not create a reportable event. You'll basically taken money out of your left pocket and put it into your right pocket.
Now monies spent by the business "may" be a deductible expense on the SCH C. It just depends on what that money was spent on..... business expense or personal expense.