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Personal taxes of partners of LLC

Asked by: Richard Harden - 6 February, 2013
https://d25eic0jctudgb.cloudfront.net/images/site/avatars/default.png-f1597c1da25f30f8c1a941405e8391c8 Is an LLC required to give partners an IRS Form for losses yearly? How do LLC partners treat Company loses on their personal income taxes?
Answered by: Wray Rives - 6 February, 2013
https://d25eic0jctudgb.cloudfront.net/images/site/avatars/1305.jpg-1cc483208a3f52a83fad915f0d4a4521 Richard,

An LLC does offer a number of benefits, but is not necessary in order to file a federal partnership return. Profits and losses in a partnership flow through to the individual partners and are reported on Schedule E on the individual 1040 returns. There are a number of factors that will potentially affect the deduction of losses by partners and I would suggest you consult with a tax professional to determine what partnership losses can be deducted by the partners.

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