That is exactly my problem I looked for advice and each accountant had a different point, so now I’m more confused:
- One told me that my official beginning date is the date we formed the LLC, and I can only claim the 5,000 expenses (my expenses are about 70k, invested in computer hardware and software). And if I want to claim those expenses, we should each file a schedule C for everything before the LLC formation
- Second told me that the date of formation is not important, and I could still claim all the expenses form before that date and have a partnership.
- And the guy here at the bottom tells me I’m late with my return? (we just started in 2022)
So now it makes me wonder if we really had a partnership before we officially became one or just two people collaborating on a project. (we have no formal agreement). I want to do what is right but I want to get the best tax outcome for us.
What makes a “partnership a partnership” (before the date of formation) and what are benefits vs just filing individually?
