Multi Partner LLC for Flip - Self Employment Tax ?
We are creating an new multi partner LLC for Flipping business(8 partners total, 2 partners will be active). We are looking at doing 2-3 Flips in first year. Is Flipping considered as active or passive like rental ? and do all the partners need to pay quaterly self employment tax for it ? I checked with several CPAs and getting conflicting answers. Most are saying we will have to pay Self-employment tax which couple of them are saying we don't have to. If you can share your thoughts that would be great.