Anything wrong with this? =======>I assume the LLC is a MMLLC owned by both you and your spouse NOT an SMLLC(SMLLC means either you or your spouse alone owns I the biz), then, selling goods(no need to sell 'em to your LLC at all) to a business that you are not associated with is different than selling to a business that you own. The IRS is always very wary of "non-arms length" transactions that occur with the later.If this is not a hobby, is this going to be a trade or business in which you are actively engaged in making money?Why would you/ your spouse want to sell them to your LLC instead of directly selling?em on E bay?? which in fact is you, and recognize gain and pay tax? You will need to be able to determine the FMV of whatever you/your spouse are selling and support this if audited by the IRS. I can't imagine what you would be selling that would create a gain, and therefore, why would you not just contribute at your cost basis? You cannot recognize a loss on a related party transaction.
Also when the LLC sells ?em on E bay, then any sale of the jewelry by the partnership,LLC, would be taxable to the you/your spouse, individual partners not the LLC, partnership.
OR,instead if selling?em to the LLC, if you want theLLC to be the owner of the jewerly, then , you will need to transfer the ownership of the title and resport it on your LLC book.
Keep in mind, that partner contributions of property (other than cash) to a partnership/LLC could cause some complicating issues. When the FMV of the asset contributed is different than the adjusted basis, there becomes what is known as a Section 704(c) issue.
You may want to discuss with a tax professional ,i.e., an IRS Enrolled Agent/a CPA doing taxes in your local area to get you started down the right path for your fed/state taxes. As I said previously, there are many issues and different tax consequences that could have long term impact on you.
Logistically: my wife has 10 pieces of jewelry that should sell for $200.00 each. My LLC will cut her a company check for $500.00 ($50 per item) and then list them on eBay under my LLC eBay account.=>>As mentioned above.
Of course, at tax time, I'll be giving all this info to my CPA, so if my company makes a profit (e.g. selling all 10 pieces at $200 each = gross profit $1,500.00), my LLC will pay the taxes.==>your LLC will not pay tax on the CG;both yu and your spouse as partners receive SCh K1 and need to report the gain on your joint 1040.