All Forum Posts by: Mike Whitaker

Thanks for all your input Joe, I really appreciate your time and thoughtful answers.

Mike

I looked at my Schedule E and nothing was put in by my accountant as passive or nonpassive from the Schedule K-1. He said that I can use my losses incurred in my LLC as a way to adjust any gains that I might have in the future. That doesn't seem right to me. I think that I should be able to write in the losses into column (h) of my Schedule E. Any thoughts?

Thanks again!

Mike

I still own the house and it's still on the market. I don't want to get into the rental game just yet, it's spring and we have a couple open houses scheduled which should get some foot traffic in there. I have the house listed with a Realtor. I'm not sure what else I can do to market the house a little more. I looked for a thread that might have some marketing ideas but I couldn't find anything. Any suggestions?

Thanks,

Mike

Thanks for the reply Pete. Between my wife and I our gross income is over 150k, so I guess thats when the ATM kicks in. That makes sense to me now. Mike.

Hello everyone, been lurking for a while now. Now I have a question, hopefully in the future I'll be able to add to this forum.

I formed an LLC last January, bought a house to fix and flip in July (could my timing have been worse?) I incurred about $20k in expenses, I had my tax guy file a 1065 form for the LLC, which shows the loss, but he is saying that because we made over $150k last year we won't be able to deduct any of the expenses from the LLC. Something about the alternative minimum tax keeps us from getting the deduction.

He did say that once we sell the house we can deduct the expenses/loss from any capital gains that we have.

Is this all right? Thanks for any replies!

Mike