Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 07-27-2014, 12:02 AM
Junior Member
 
Join Date: Jul 2014
Posts: 1
Multi-member LLC/Partnership for real estate brokerage...

Hi,

I have started a multi-member LLC partnership for a real estate company. All of the partners are real estate agents. Normally, real estate agents are considered independent contractors. So, I am very confused how we should treat some of the transactions.

As far as commission income is concerned, can the partners be paid for their commissions and then receive a 1099? Just like if they would if didn't own the LLC, or do the commissions have to be considered guaranteed payments? Or am I completely off-base and something else should happen?

The partners will have expenses such as dues, auto, cell, etc that won't be paid by the partnership that they will need to deduct. Can they still file a Sch C for their commissions and expenses separate from the partnership? Or do these expenses need to be treated as unreimbursed partner expenses on the Sch E?

So I guess I am really trying to figure out if the partners can still be independent contractors for the purposes of their commissions and personal expenses?

Thanks!



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
I hold shares of the same mutual fund at two separate brokerage houses. When I sell a fund from one brokerage, can i use their cost basis? tgenoyer Capital Gains 1 11-15-2013 02:05 PM
What arguments can be put forward to waive the Late Filing penalty for a Multi Member LLC tax return that was filed 10 months late? PeterAccountant CPA Forums 1 02-08-2012 07:54 PM
Is the Real Estate Withholding Tax an additional tax on sale of Oregon Real Property? TaxGuru Oregon 0 11-04-2010 12:03 PM
Real estate professional offsetting Real Este losses against spouse's W-2 income MRAMANNA Rental Real-Estate 2 03-08-2009 01:49 PM
From the IRS point of view, what would cause my 2 member partnership to terminate? katlee Limited Liability Company 0 07-30-2008 11:45 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning