How do LLC losses affect personal income taxes?
by wliu0532, Window Shopper
- Created: April 7, 2013, 3:50 am
- Updated: April 7, 2013, 1:19 pm
I started a LLC in California with my friend, and I own 35% of the LLC. What is not clear to me is how losses affect the taxable income of the LLC members. Is there a limit to how much can be deducted for an LLC loss? For example, If I made $100k at my day job, but the LLC lost $100k (I have 35%), how much can I deduct from my personal tax? 35K? and my taxable amount becomes 65K? And any limitation on the deduction? Thanks in advance
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