Updated over 9 years ago on . Most recent reply
LLC's Reimbursement to Owner
I had to transfer monies into my rental SP LLC to replace a roof. In my accounting book, I labeled it "Investment by Owner (roof replacement)". Now, each time I can withdraw from this rental surpluses, I generally label it as "Withdraw from Owner".
My question is: should I label these withdraws now as "Reimbursement # 1, # 2, ...to Owner (to reimburse for the roof replacement)" up to the value of the roof, or does it not matter? I am just thinking of how would the IRS is expecting to see these withdraws.
Can you advise me on this? Thank you!