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Old 04-07-2009, 12:30 PM
 
1 posts, read 1,879 times
Reputation: 10

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I was a partner in a small llc business,that I got out of the end of last year because of poor work ethics on the other two partners part.I am at this point just an investor and am working to get out with my investment as soon as I can work it out with them.They proposed to me that the 14,000 that I have invested can be taken care of by me accepting and taking advantage of the loss that shows up on the schedule K-1 in the amount of 41,000 .Am I wrong in thinking that even 41,000 as a loss against my income of 58,000 isnt going to cover 14,000 is it?My other question is wether I can roll over part of that loss to next year.
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Old 04-07-2009, 12:49 PM
 
Location: West Michigan
12,083 posts, read 38,868,928 times
Reputation: 17006
Best to ask a tax attorney and not an internet forum.
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Old 04-07-2009, 03:19 PM
 
Location: Grand Rapids Metro
8,882 posts, read 19,861,925 times
Reputation: 3920
I would agree with bydand. If a decision is being made that is a tax or legal issue, no way would I take advice on an anonymous forum. Some trolls will get off giving you bad info and watching you go down in flames (no joke).
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