I have been working diligently for years to get my business off the ground. I have been funding its monthly operation via my personal funds, each month lending the company (an LLC) just enough to pay the bills.
Each year, I have been claiming the business loss on my 1040.
Now the company is making money and can cover all of its debts with funds left over. Can I now use the monthly profits to repay the loans I made from my personal account without any tax consequence? Is essence, can I repay the loan to my personal account from the company funds without claiming the funds repaid as earned (or any other type) of income?