Tax, SDIRAs & Cost Segregation
Market News & Data
General Info
Real Estate Strategies
Short-Term & Vacation Rental Discussions
presented by
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Tax, SDIRAs & Cost Segregation
presented by
1031 Exchanges
presented by
Real Estate Classifieds
Reviews & Feedback
Updated over 4 years ago,
2 member LLC confusion in Texas...
Hi BP - my partner and I have a LLC set up. Our attorney and CPA said that we will have to file for taxes as a partnership but I have been reading up that taxes are pass through? We are a 50-50 partnership with the operating agreement set up to where all profits, expense and losses are 50-50 as well. What happens when the expenses on my end are more than on my partners end? For example - I run the business from my home office ( utilities, home office space, etc) my partner is not local so all mileage to view properties locally are my expense. Would those get deducted 50-50 as well? Or am I completely off on a tangent. Any advice is appreciated!