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trevthu
New Member

Can guaranteed payments to a partner in an LLC be offset by a partners portion of LLCs loss? The partner's loss is > than guaranteed pymts but TT shows positive income.

 
1 Reply
LudwigVan_fan
Level 8

Can guaranteed payments to a partner in an LLC be offset by a partners portion of LLCs loss? The partner's loss is > than guaranteed pymts but TT shows positive income.

I believe that is should...both are listed on Sch E.

Only caveat might be is if the distributive share is as a general partner/limited partner/passive activity loss, etc.

See

https://www.irs.gov/publications/p541/ar02.html#en_US_201601_publink1000104261



**Disclaimer: Effort has been made to offer correct information; but due to the discussion forum limitations, the poster disclaims any legal responsibility for the accuracy of the poster's response**

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