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Unconstitutional Patriot
Join Date: Apr 2000
Location: volunteer state
Posts: 5,620
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As far as I know, the LLC will pass income, expenses, and deductions on to the members. You will have to decide the proportions with your partner.
You are certainly entitled to write off interest expenses, as well as all expenses, but you'll also have to declare rental income. In the end, you'll likely show a paper loss due to depreciation.
Can't help you with regards to the AMT issue.
regards,
jurgen
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