|
Posted by harshal@gmail.com on March 10, 2008, 1:16 pm
Please log in for more thread options
Hello,
A friend and I registered an LLC (as equal partners) in August 2007
in
Texas. We spent about $1000 (split equally between us) in registration
and other start up costs etc. We didn't have any income in 2007.
We had selected Jan-Dec as the accounting year for the LLC.
I would like to confirm that I can put my share of the expenses (about
$500)
as 'non passive loss' on line 28, column 'h' of Schedule E. That
column
expects the information to come from Schedule K-1 which requires us
to file Form 1065. The only applicable parts of 1065 seem to be page
1,
Schedule B (with 'No' for all the questions) and Schedule K-1. Am I
missing
anything?
Do we need to do anything else for the federal taxes?
Thanks for any guidance you can provide.
Regards,
- Harshal
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
|
|
Posted by Benjamin Yazersky CPA on March 10, 2008, 1:42 pm
Please log in for more thread options
> Hello,
>
> A friend and I registered an LLC (as equal partners) in August 2007
> in
> Texas. We spent about $1000 (split equally between us) in registration
> and other start up costs etc. We didn't have any income in 2007.
>
> We had selected Jan-Dec as the accounting year for the LLC.
>
> I would like to confirm that I can put my share of the expenses (about
> $500)
> as 'non passive loss' on line 28, column 'h' of Schedule E. That
> column
> expects the information to come from Schedule K-1 which requires us
> to file Form 1065. The only applicable parts of 1065 seem to be page
> 1,
> Schedule B (with 'No' for all the questions) and Schedule K-1. Am I
> missing
> anything?
>
> Do we need to do anything else for the federal taxes?
>
> Thanks for any guidance you can provide.
>
> Regards,
> - Harshal
>
> --
startup expenses have to be amortized & not currently deductible
whether or not it is passive depends on various factors including your
activity in the business & the type of business
<<< Benjamin Yazersky, CPA [NJ & NY] >>>
-----> real address on hobokeni or hobokenx <-----
"This written advice was not intended or written to be used, and it
cannot
be used by any taxpayer, for the purpose of avoiding penalties that
may be
imposed on the taxpayer."
(The foregoing legend has been affixed pursuant to U.S. Treasury
Regulations
governing tax practice.)
The information transmitted is intended only for the person or entity
to
which it is addressed and may contain confidential and/or privileged
material. Any review, retransmission, dissemination or other use of,
or
taking of any action in reliance upon, this information by persons or
entities other than the intended recipient is prohibited. If you
received
this in error, please contact the sender and delete the material from
any
computer.
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
|
|
Posted by removeps-groups@yahoo.com on March 10, 2008, 2:56 pm
Please log in for more thread options
> startup expenses have to be amortized & not currently deductible
You can deduct $5,000 in startup costs.
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
|
|
Posted by Paul Thomas, CPA on March 10, 2008, 3:35 pm
Please log in for more thread options
>
>> startup expenses have to be amortized & not currently deductible
>
> You can deduct $5,000 in startup costs.
If the OP and his partner probably haven't started their business yet....(no
income was generated). They can't take "start-up" expenses because they
haven't yet started their business.
--
Paul A. Thomas, CPA
Athens, Georgia
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
|
|
Posted by Mike20878 on March 10, 2008, 4:00 pm
Please log in for more thread options On Mar 10, 2:56 pm, "removeps-gro...@yahoo.com" <removeps-
gro...@yahoo.com> wrote:
>
> > startup expenses have to be amortized & not currently deductible
>
> You can deduct $5,000 in startup costs.
>
But you have to make an election to be able to do so.
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
|
| Similar Threads | Posted | | Accounting for College Expenses - Student paid vs Parent Paid | August 17, 2008, 1:47 pm |
| Trust Accounting | June 13, 2008, 4:52 pm |
| Last-in, first-out accounting of holding periods | November 14, 2007, 12:19 pm |
| 1099-Misc accounting Q | February 1, 2008, 8:48 am |
| small business accounting | June 21, 2006, 1:31 am |
| Start-up bussines tax/accounting questions... | January 12, 2007, 7:12 am |
| What kind of accounting is tax return preparation? | August 25, 2008, 11:08 am |
| Automatic consent of some changes in Accounting Methods | August 30, 2008, 3:06 pm |
| a few doubts on s corps, home office and accounting | April 16, 2006, 11:45 pm |
| Form 6251- Line 4 of Home Mortgage Interest Adjustment Worksheet, accounting method needed to determine a HELOC interest usages. | October 16, 2008, 10:51 am |
|
|
Yahoo! 
Google 
Windows Live 
del.icio.us 
digg 
Netscape 
XML Sitemap