AboutAlexandra Shainskaya, CPA Expertise Can answer questions relating to individual and small business tax returns and tax planning.
Experience I am the founder and President of Tax & Business Advisory Services LLC, a boutique accounting firm that specializes in tax planning and preparation for individuals and small businesses.
Education/Credentials New York University Stern School of Business, 2005
Accounting and Finance
Question I am a 50% member of a 2 member LLC. Our first year in business we took a loss (for argument sake the loss is $100). If I have historically received a $100 refund on my personal return, with a $50 loss from the LLC, would I receive a refund of $150?
Is their a limit to the amount of "loss" you can get back in a refund?
Answer Dear MC,
I'm not sure I understand your question completely. You have already filed a return without taking the LLC into account and are now going to amend it? What year are you asking about?
Generally the amount of loss you can take in a partnership is up to your basis in the partnership (roughly, the amount you put in plus your share of income minus your share of previous losses).
Best regards,
Alexandra Shainskaya, CPA
Tax & Business Advisory Services LLC
www.TaxBusinessAdvisory.com
