1.our primary home is in Seattle
4.our plan is my wife an RN will run the home care business in our investment property
Questions
We are doing our taxes now
We want to do 469 elections
Thank you
Salih Hussein [phone number removed]
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Please clarify - you're going to run a home care business remotely from Seattle as a passive activity, correct? Because that 469 grouping is just for passive activities.
My wife will be in Denver to run the business
thank you
No, My wife will be there to run the business
thanks
To clarify, in order to give you a complete answer, is your LLC a separate entity complete with its own Tax ID# to report on a partnership return or are you treating this like a husband/wife LLC and plan to report this as Schedule C income? I have an answer to both scenarios. Also does your wife intend to live in the investment property and is the investment property in your/wife's name or is it in the name of the LLC?
Please respond back to @DaveF1006.
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