Seeking Real Estate Tax Attorney

Seeking Real Estate Tax Attorney

Jersey City · Member since 2022 · 6 posts · 0 votes

Hello, I am looking for a tax attorney to consult with regarding my real estate LLC partnership.

My question: My father and I purchased a property in an LLC partnership. My father is one member and I am the other. My father contributed all of the capital, however I am receiving all of the income. The question is if this will raise red flags with the IRS and possibly trigger an audit for my father. (He contributed all the capital, but will receive no income).

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  • Ashish AcharyaBusiness Member
    CPA, CFP®, PFS · FL · Member since 2017 · 5k+ posts · 3k+ votes
    1y

    @Robert Operman Your arrangement, where your father contributes all capital but receives no income can be okay if your operating agreement is done correctly. 1065s are very flexible if the allocation meets the business purpose.

    This post does not create a CPA-Client relationship. The information contained in this post is not to be relied upon. Readers should seek professional advice.

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