I started in 2022. LLC is disregarded in US, though taxed in home country (in Europe) as a company when dividends would be distributed with a WBEN-8. (no company or business entity in home country). After three years I will have first income in the LLC by now. I have a loan agreement with myself.
If I will earn enough to get the LLC independant of owner loan / contributions, can I take whats remaining above a healthy business level, those amounts out without tax paid until I’ve got my total investment back?
I got several opinions from my daily bookkeeper to my CPA that takes care of the yearly IRS return. But none of them are the same.
Anyone who has experience with an equal situation? Thanks in advance.
Owner contributions out of Single member Foreign owned LLC
byu/Top-Access-8233 intax
Posted by Top-Access-8233
1 Comment
When you loan money to yourself, it doesn’t actually mean anything. It has no effect on your taxes.