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Updated over 8 years ago, 04/14/2016

User Stats

137
Posts
55
Votes
Eric Barnett
  • Investor
  • Buda, TX
55
Votes |
137
Posts

New Marriage - To form an LLC in addition to existing LLC/S Corp?

Eric Barnett
  • Investor
  • Buda, TX
Posted

When I refer to a new partner I mean a future spouse (fiance) who I will be investing with. My goal is to be able to deduct business meals, travel, etc. that we already commonly do. I currently work in energy consulting and have my single owner LLC that is classified as an S Corp. I'm deciding whether or not I NEED to form a new LLC with both her and my name associated with it in order to start our real estate investing career and be able to take the tax deductions.

Am I able to deduct the business meetings, travel, etc. under my LLC since if it were just me I could simply run my properties through this without having the hassle of another LLC and additional tax return/bookkeeping.

Any insight from those of who have been in this similar situation whether it be H&W or simply new to real estate and looking to decrease tax liability.  

Thanks for the advice!

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