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Updated over 8 years ago on . Most recent reply

Mario Nacev's profile image
Mario Nacev's profile image
Mario Nacev
  • Contractor
  • from Dallas, TX
  • Member since Aug 16, 2016

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Mario Nacev's profile image
Mario Nacev's profile image
Mario Nacev
  • Contractor
  • from Dallas, TX
  • Member since Aug 16, 2016
Mario Nacev
  • Contractor
  • Dallas, TX
2
Votes |
11
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Goals, Business Plans & Entities

Legal Structure for a Partnership paying cash for Rental Property

Mario Nacev
  • Contractor
  • Dallas, TX
Posted

Hello All,

A  friend and I will be paying Cash for a Rental property 50/50 outlay & split.

What is the best Structure for us assuming No Banks will ever be involved. 

Regards,

Mario

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Linda Weygant's profile image
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Linda Weygant
  • Investor and CPA
  • from Arvada, Colorado
  • Member since Mar 31, 2015

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Linda Weygant's profile image
Linda Weygant
  • Investor and CPA
  • from Arvada, Colorado
  • Member since Mar 31, 2015
Linda Weygant
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  • Arvada, CO
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Linda Weygant
  • Investor and CPA
  • Arvada, CO
Replied

A multi member LLC reports its profits and losses on Schedule 8825 of a Form 1065. Those amounts flow through to a K-1 which is given to each member of the LLC.

W-2/Salary would not be applicable in this scenario as this is not Earned Income.  (It's passive).

  • Linda Weygant
  • Podcast Guest on Show #244
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