Skip to main content
TurboTax
Community
TurboTax
Community
TurboTax
Community
N
neezers
April 15, 2025
Question

Why can't we deduct $4200 we paid to cover 2024 costs last year at our LLC hotel we are part owners of?

  • April 15, 2025
  • 1 reply
  • 0 views
We own 3% of the property.

    1 reply

    PatriciaV
    PatriciaV
    April 15, 2025

    Did you contribute funds to the LLC last year that were used to pay LLC expenses? If so, that transaction is considered a capital contribution that increases your basis in the LLC. There is no deduction for contributions to your investment. However, the expenses paid by the LLC should be reported on the Schedule K-1 provided by the LLC.

    **Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"
    TurboTax Expert Assist
    TurboTax Expert

    Get answers to all your tax questions

    Our experts are available on-demand, no appointment needed. Get help all year long with TurboTax Expert Assist.

    Terms & ConditionsCookie settingsAccessibility statement
    Intuit
    TurboTax Credit Karma QuickBooks MailChimp

    ©1997-2022 Intuit, Inc. All rights reserved.
    Intuit, QuickBooks, QB, TurboTax, ProConnect, and Mint are registered trademarks
    of Intuit Inc. Terms and conditions, features, support, pricing, and service options
    subject to change without notice.

    Security Certification of the TurboTax Online application has been performed by
    C-Level Security.

    By accessing and using this page you agree to the Terms of Use.

    Accessibility

    TRUSTe nResult Certified e-File C-Level Security Certification