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Lev
Lev, Tax Advisor
Category: Tax
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Experience:  Taxes, Immigration, Labor Relations
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I have LLc real-estate investment that has income owned 100%

Customer Question

I have LLc real-estate investment that has income owned 100% by me. I also have a real-estate investment that has lost significant value. Since i own both investments can i deduct loses from my personal investment against my LLC?
Submitted: 6 months ago.
Category: Tax
Expert:  Lev replied 6 months ago.

1.

If that a single member LLC and you did not specifically elected it to be treated as corporation - such LLC is classified as a disregarded entity - means - it is ignored for income tax purposes - and all income or losses are assumed as realized by you personally as the LLC owner.

So LLC income is actually YOUR income.

Expert:  Lev replied 6 months ago.

2.

Regarding your investment - when the value of assets is going up or down - there is NO gain or loss recognized.

But you would realize a gain or loss when the asset is sold.

Let me know if you need any help with reporting.

.

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