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LLC and Personal Tax Deductions?
Me and 3 brothers are equal partners in a LLC we formed mid 2007. We did not start doing any business until after January 1st, 2008. However, all of us incurred separate personal expenses in 2007 to get the LLC started. Can we deduct these expenses on our personal tax returns? or?
1 Answer
- botygyLv 61 decade agoFavorite Answer
Yes, you can credit your individual capital accounts in the LLC for the expenses you paid, file a form 1065, Partnership return and report the expenses to you on Schedule K-1.
