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Updated about 1 year ago on . Most recent reply

Mike Wiesenhart's profile image
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Mike Wiesenhart
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  • from Tampa, FL
  • Member since Apr 26, 2016
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Mike Wiesenhart
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  • from Tampa, FL
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Mike Wiesenhart
  • Investor
  • Tampa, FL
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Private Lending & Conventional Mortgage Advice

How to pay/tax money/credit partner

Mike Wiesenhart
  • Investor
  • Tampa, FL
Posted

I have an LLC for flipping houses. I also have a lender/tax partner. My question is, how do I pay him And make sure that I'm not liable for the tax bill on his profits. I've been reading about 1099s and K1s, but he's not part of the LLC. Thanks in advance.

Tampa, Florida
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Basit Siddiqi
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Basit Siddiqi
#3 Tax, SDIRAs & Cost Segregation Contributor
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  • New York, NY
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If he is a member/partner in the LLC, the share of profits will be allocated based on the LLC Agreement.
Each person would then be given a k-1 showing his share of profits / losses.

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