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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
Satisfied Customers: 581
Experience:  10 years experience
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If I put up $150,000 in an on going company to take over 50

Customer Question

If I put up $150,000 in an on going company to take over 50 am I able to deduct any of this if I have a parntership schedule k-1 at the end of the year?
JA: The Accountant will know how to help. Please tell me more, so we can help you best.
Customer: ok my uncle and another uncle own 50% each of a business one of them wants to retire and I would take his 50% including current debts, etc. I invest $150,000 as well and at year end I receive a schedule K-1 Partnership with ordinary business income am I able to deduct any of the Money I put up to offset some of the ordinary income?
JA: Is there anything else the Accountant should be aware of?
Customer: no Im just thinking about doing this but need advise?
Submitted: 2 months ago.
Category: Tax
Expert:  Mark Taylor replied 2 months ago.

Hi, my name is Mark. I will be happy to help you with your question. Is this a LLC that you are purchasing an interest in? Does the LLC have any assets?