We operate a real estate brokerage LLC with four partners. I am the managing partner.
Last October, one of my partners picked up her personal return to be filed and was informed by her new CPA that she could not deduct real estate expenses of any kind on her personal return because she is a member of an LLC.
This hardly seems fair, because we pay the expenses personally for our real estate listings and sales. If the LLC partnership ... Log in to view full article.