I have 2 single member LLCs. I am considering electing S Corp status for one or both.
I wanted to ask about potential depreciation losses that would be noted via K-1. Especially with the accelerated depreciation option, this makes real estate syndication attractive!
Would I be able to write off K1 losses so long as my income was overall more than the loss on K1? Would the net operating loss need to have a K1 income from a business such as a formal S-Corp election or would the PASS THROUGH income from my LLCs be okay for me to take the deductions? I am thinking it should be okay but if need K1 for that, that may motivate me to get this S-Corp election done yesterday! lol
