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Irwin Law
Irwin Law, Attorney
Category: Legal
Satisfied Customers: 7307
Experience:  Lawyer & Real Estate Broker, 30+ years, foreclosure, land contracts, inheritance, probate.
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LLC question. I invested as a silent member in an LLC of which

Customer Question

LLC question. I invested as a silent member in an LLC of which the working partner has abandoned the business. I found out when I tried to visit the business for computer repair and the sign was gone and the business phone was disconnected. I do know where this person lives so I went by his house to which his wife or partner answered the door in a very aggravated manner. Through our conversation I found out that people had been stalking their home, the police had been called and the partner in questioned was no where to be found. His wife/partner did, finally, give me his new telephone number but when I called it, it immediately went to VM and I haven't heard from him, of course. In addition, after looking online I see that he didn't even register the LLC for this year, 2016. I have come to accept I will never get my initial investment back but am thinking I can write it off my taxes. Isn't the limit 3,000 per year? Also, should I go to the trouble of sending this partner a letter of intent to withdraw my membership? I never received any monies, free computer work or even a free computer as originally promised.
Submitted: 1 year ago.
Category: Legal
Expert:  Irwin Law replied 1 year ago.
You might not be able to deduct $3000. Your investment might be classified as "passive income", in which case your loss can only be taken against other passive income. If you have no other passive income than the loss is not deductible. Here is something that you might wish to review on the subject and then consult with your tax preparer to be sure that you are doing the right thing. I hope that this information is useful and that you will enter a positive rating for it.
Expert:  Irwin Law replied 1 year ago.
Hello again. Do you have a follow-up question? I am not an employee of Just Answer and I receive credit for assisting you based on your rating. I hope that you will enter a positive rating for my assistance here by clicking on 3, 4, or 5, for which there is no additional cost to you. Thanks again for using JUST ANSWER.