What does the partnership agreement say? Also have to consider self employment

Report problem with this ad

Dec 14, 2024
9:19:41am

Chester Copperpot Truly Addicted User

taxes. They need a CPA and probably an attorney.

This message has been modified

Originally posted on Dec 14, 2024 at 9:19:41am

Message modified by Chester Copperpot on Dec 14, 2024 at 9:20:45am

Report problem with this ad

Chester Copperpot

Previous username: Chester CobberPot
Bio page: Chester Copperpot
Joined: Jun 10, 2005
Last login: Dec 14, 2024
Total posts: 22,634 (687 FO)

Report problem with this ad

Messages

Author

Time

Tax question I don’t know the answer for and not sure where to look

Acorn

9:15am

You know that you’re the guy we turn to with these types of questions, right?

TwinsRight

9:16am

Love to help people but this one is a bit out of my range. Tricky question that

Acorn

10:37am

I don’t see what the problem would be but would ask an accountant ultimately.

bluecougar1985

9:19am

What does the partnership agreement say? Also have to consider self employment

Chester Copperpot

9:19am

This

Taxrulz

10:18am

Partnership agreement can be amended. Both are subject to identical self

Acorn

10:47am

You can have shifting allocations in an LLC (partnership). Like mentioned, what

JB2JH

9:26am

If the individual receiving the additional income is also going to receive

JB2JH

9:33am

Agree. Partnership can allocate as they wish but it needs to reflect the actual

citron

9:40am

This can be covered based on reported time spent time spent

Acorn

10:35am

Are you saying the lower tax bracket partner would receive the taxable income

JB2JH

10:53am

You can if you want to spend some time in Sing Sing.

TeeKaa

11:09am

Great stuff. Thanks for the link. I will read it.

Acorn

10:44am

Yes the IRS cares about allocations

TeeKaa

9:53am

This is good advice

Taxrulz

10:23am

Exactly. From this slightly above average run of the mill CPA…me

Posting on CougarBoard