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Updated over 4 years ago on . Most recent reply

Account Closed
  • Investor
  • Dallas, TX
14
Votes |
15
Posts

Starting the Business as Husband & Wife Team - Tax Deduction Q's

Account Closed
  • Investor
  • Dallas, TX
Posted

It's happening. Our first REI purchase on a single family buy and hold out of state. We will not make enough money this year that would lead us to want to open an S corporation or an LLC. I just want to get started so we can make things official and also claim tax advantages like start up costs, etc. How are any of you running your husband/wife team? What basic step did you take just to open up the business? Lessons you've learned? Advice? (I'm a newbie reading all kinds of blogs, books an articles and I think I've just confused myself on something that should be pretty simple.)

Did you use a partnership or a sole proprietor with the other spouse as the employee? 

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