When you say "limited partner", what exactly does this mean?
- Is the entity a limited partnership in which you are truly a limited partner; not materially participating?
- Is this an LLC filing as a partnership in which the limited partner box is checked and you are truly a "limited partner" or other LLC member; not materially participating?
- Is this an LLC filing as a partnership in which the member-manager box is checked?
- Aside from the above, it would be good to provide a few more facts.
*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.
