Hi,
I use QBO to track income and expenses for an Airbnb property of mine. This property is its own LLC with its own bank account.
In late 2020 I decided to get solar panels installed on the property. I didn’t have enough cash in the LLC’s bank account to pay for the solar panels so I had to loan the LLC some money. I deposited money from my personal savings account into the LLC’s bank account and tagged the deposit in QBO as “Owner’s Investment”. This occurred in Dec. 2020.
At some point in 2021 I wish to use funds from the LLC bank account to pay myself back for this loan.
When I transfer the money in 2021 back to my personal savings account (equal to what I put in), do I tag the withdrawal as (like before) “Owner’s Investment”?
I want to make sure that my CPA doesn’t want to take me in this withdrawal as income.
Thanks!
Kelly