I have a quick question:
What if you are a full time employee (W-2) and have done a couple of flips under an LLC and incur a losses in the current year. Could you deduct those losses against your W-2 income?
Come tax season your LLC will have to generate a K-1. The K-1 is typical for an LLC and will show each LLC members' losses or gains. The loss can be used to offset against your W2 income. Best to consult a tax professional.