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Question

Steven Meyerson CPA. I have started a Fmaily Limited partnership, I am general partner, my 4 adult children are the limited partners. I will have one FLP for my property/ and one FLP for other assets,stocks etc, (Ths FLP will not include my S coproation nor my personall small checking account. I am concerned that by placing mt small home valued at $400,000. no mortgage., i wil have to pay a property tax transfer fee in NJ. Also, I am renting the home $1750. per month., and wanted to use part of this towards bills etc. I plan on retire Feb. 2010. Therefore, as a general partner do I need to distribute the income to the loimited partnership. I would rather keep the home for expenses needed in the event I becomne ill. After I pass on they will iinherit whatever is left XXXXX@XXXXXX.XXX

Submitted: 33 days and 3 hours ago.
Category: Tax
Value: $15
Status: CLOSED

Accepted Answer

Dear XXXXXXXX -

 

As a limited partnership any income/gain or loss/deduction is passed through to the partners based on the percentages per the partnership agreement. There is no requirement that distributions be made. However, it is probably advisable that enough funds are distributed to at least cover the tax liabilities the partners will incur on their allocated income.

 

 



Edited by Steven Meyerson, CPA on 10/21/2009 at 11:49 PM

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Expert: Steven Meyerson, CPA
Pos. Feedback: 99.2 %
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Answered: 10/21/2009

Certified Public Accountant (CPA)

CPA, Over 29 yrs experience w/individuals and small businesses. Masters in Tax, Divorce Specialist

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