Using GNUCash for commercial property held by LLC - Some newbie questions

[John Ralls]

> On Sep 26, 2016, at 4:47 PM, replicon <replicon at gmail.com> wrote:
> 
> This is awesome, thank you both for the detailed responses! I'll draft up a
> couple of versions, and set up a meeting with the accountant.
> 
> So it sounds like for the initial setup costs, the best option is to set it
> up as Equity, and then for the cases where I personally put money into the
> bank account and then pay out of the bank account, treat it as a Loan
> (Liability).
> 
> Presumably, when I do my personal taxes, that amount can be linked to the
> biz tax setup somehow, and written off... or something like that. :)

Only your accountant can answer those questions. I'm an experienced investor and have had a couple of corporations (one LLC and one subchapter S), but I'm not an accountant and I don't know the rest of your finances.

GnuCash's tax-software interaction is primitive at best and geared towards the personal rather than the business tax forms. Your LLC will have to file its own taxes and generate a form K-1 to you. How that gets treated in your personal taxes can be complicated, so talk to your accountant about that before the end of the year so you have time to make any necessary adjustments. You don't want any surprises next spring!

Regards,
John Ralls