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Updated almost 8 years ago on . Most recent reply

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11
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Mario Nacev
  • Contractor
  • New York City
2
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11
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Legal Structure for a Partnership paying cash for Rental Property

Mario Nacev
  • Contractor
  • New York City
Posted

Hello All,

A  friend and I will be paying Cash for a Rental property 50/50 outlay & split.

What is the best Structure for us assuming No Banks will ever be involved. 

Regards,

Mario

Most Popular Reply

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Linda Weygant
  • Investor and CPA
  • Arvada, CO
3,689
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Linda Weygant
  • Investor and CPA
  • Arvada, CO
Replied

A multi member LLC reports its profits and losses on Schedule 8825 of a Form 1065. Those amounts flow through to a K-1 which is given to each member of the LLC.

W-2/Salary would not be applicable in this scenario as this is not Earned Income.  (It's passive).

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