Urgent Tax question for groups that have lost money
From: Kristi Barlow (kristibrooklyncohousing.org)
Date: Tue, 1 Jun 2010 05:42:47 -0700 (PDT)


Here in Brooklyn it is clear that whether or not a our group finds a way to move into a cohousing home, each of the 16 LLC members will have substantial financial losses as a result of two failed projects & our cohousing professionals fees. We are working with our accountant to try to find a way to "pass through" these losses to each member so that each can deduct them on their taxes (probably as capital losses). Our accountant wants to see precedent from at least one other cohousing group that has done the same. I think that means a group that had/has an LLC which showed ("passed through") losses on final K-1s to the owner-partners. The dollar amount isn't important, it can be relatively low. The precedent is what we need. Establishing this will mean that we can at least recover 15% of our losses through tax savings.

We would really appreciate anyone talking with us about this. Or passing along this request to people who might have been through this but are no longer on this list because they didn't move into cohousing.

Feel free to contact me off-list if that is more comfortable. My number is 212-675-9001.

thank you,

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