@Nicholas Aiola
Wow, Nicholas, you're an animal!!! In the thick of the tax deadline and you're still making time to assist the struggling RE investors of the world! Ditto what another poster said about tipping you, you certainly deserve it!
I've tried to glean through the past several years of posts in this discussion and could find a situation quite like mine.
March 2018 my wife and I formed an LLC with both of us being members. June 2018 we/LLC closed on a construction loan on a multi family property that needed extensive rehab.
Throughout the year I paid contractors all via 1099's, replaced all the hvac, appliances, flooring, fixtures. Spent thousands on land/pond clearing around the property as well as landscaping.
We received zero rental income from this venture in 2018, our loan is interest only and I have W2 income.
Really wasn't to concerned about getting a CPA for 2018 due to no-income and the project isn't 100% complete yet. That being said, now that i've put this off to the final hour I'm trying to figure out what to do with this monumental loss for 2018.
My wife has no W2 income and we've always filed jointly, but wasn't sure how this LLC would play in to that?
Thanks so much for giving us your time!