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Updated almost 6 years ago, 02/20/2019

Dominic R.'s profile image
Dominic R.'s profile image
Dominic R.
  • from Bethany, CT
  • Member since Nov 14, 2017
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User Stats

37
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16
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Dominic R.'s profile image
Dominic R.'s profile image
Dominic R.
  • from Bethany, CT
  • Member since Nov 14, 2017
Connect
Dominic R.
  • Bethany, CT
16
Votes |
37
Posts
Tax, SDIRAs & Cost Segregation

Filing taxes on new property purchased in an LLC

Dominic R.
  • Bethany, CT
Posted

My wife and I have held a property in an LLC for many years. I do my taxes online and include the LLC with our personal taxes (married filing jointly) since we are the only managing members. In 2018 we purchased 2 more properties into the existing LLC. We purchased them as cash and transferred the money into the LLC from our personal account to pay for the properties and legal expenses. My question is how do I handle the money. Is it reported as income for the LLC ?

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