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Updated almost 6 years ago,
First year flipping homes as LLC partnership
I am 50% owner of an LLC. We have purchased a pair of single family homes and spent money renovating them but have yet to generate any income (or profit). Thoughts on how to best handle taxes? Want to carry forward expenses (cost basis in 2019?) or write off vs K1 income from other partnership...
I'm debating on doing these myself (software) vs using a CPA... thoughts?