Author Topic: Side gig business setup and expenses  (Read 119 times)

mousebandit

  • Bristles
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  • Posts: 309
Side gig business setup and expenses
« on: August 08, 2018, 08:48:07 PM »
Husband and I are doing real estate flips as a side gig.  We have our contractors license here in Oregon, and have set up an LLC with each of us as members to do the business.

I also got my real estate broker's license to facilitate the finding, buying, and selling of the properties.  I only do transactions for us to flip, nothing for anyone else. 

Can I run my real estate expenses under the LLC, so that I don't have to file a Schedule C (for real estate) and a Partnership (for LLC) come tax time?  I'm thinking I can, as long as I only do transactions for our flips, and nothing else. 

What say the experts? 

Thanks!

jpdx

  • Stubble
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  • Posts: 183
Re: Side gig business setup and expenses
« Reply #1 on: August 08, 2018, 10:35:39 PM »
Yes. Your partnership can deduct any expenses that are ordinary and necessary incurred in conducting your business, and it sure sounds like your broker license costs fits that description.