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Updated about 8 years ago,
Depreciation in multi-member llc
Hey there everybody. I have a question for the group. I am wondering how depreciation and other tax write offs for that matter that I can take with a rental property, I am wondering how those would work in a multi member LLC. As far as a pass through entity and all the members being responsible for their taxes, I was wondering if those write offs are treated the same way and passed through at the same split etc. I have heard previously that the active member can take it and the passive members can't or that it can be divided up differently than the ownership percent, things like that. So I just wanted to see other people's experience and if they have any clarification on any part of this.
I am going to talk with my CPA here eventually but he's out of town until next week. I like to go into those meetings prepared anyways with some kind of idea on what to ask and what he's going to say.
Thanks in advance for all the great responses.