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Old 04-20-2017, 03:35 PM
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Paying LLC loan with personal checking account

I am a partner in a LLC. We make once-per-year distributions to ourselves. We have also borrowed money and have once-per-year payments on the loan (P&I). Sometimes we have enough in the LLC's bank account to cover the loan payment, other times our distributions are too large and we don't leave enough in the LLC account to cover the loan payment. When that happens, we write a personal check to the LLC to cover the loan. Because we are a partnership and receive a K-1, we use Schedule E. Is there a place on my taxes to account for that personal check? Is it a business expense? Is it an expense to offset the distribution? Or is it nothing that I can use to reduce my tax burden? Thanks



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