Posted by John K Haslach, CPA, MST on February 03, 2005 at 14:32:48:
If the property was held in a company’s name, the company should report the gain on it’s own tax return. Depending on the type of entity, it may have a tax liability (c corporation) or the gain may (partnership, LLC, S Corp) be passed through to the owners for reporting on their individual income tax returns.
Joint Venture - tax question - Posted by Kevin
Posted by Kevin on February 03, 2005 at 13:23:12:
I got two partners and we did a rehab/resell on a house that was held in my companys name. How do we go about making sure we all pay our fair share of any tax consequences? Does the title company report the profit to the IRS all at my expense since I’m the owner on record?
If anyone can help it’d be great so we can do things properly in the future. I’m still learning and can’t afford to make too many stupid mistakes. Thanks!!