My wife restructured a single member LLC in Oregon last year into a MMLLC, 30%(her), 30%(me), 10%(x4 kids). I put hundreds of hours into the buildout, marketing, and other business needs. I also contributed about 90% of all the startup costs around $125k for the new brick and mortar. The business has barely broke even so far and is no where near profitable. I am wondering if I can claim non-passive losses to offset my income taxes this year as well as passive losses for the investment that I made that I can carry over. Im no expert but hopefully this makes sense and if not please help me understand what I can do. Thanks!
Trying to claim passive and non passive losses with MMLLC
byu/Who-is-Brando intax
Posted by Who-is-Brando