Hello friends, tax question, me and a partner sold a house after a flip that is under an LLC (partnership). M…
Hello friends, tax question, me and a partner sold a house after a flip that is under an LLC (partnership). I understand that you need to get a K1 from the LLC's report and submit 2 personal reports, one American and one Israeli.
I understood that if it was not an LLC it would be considered in Israel as a "capital gain" but since it is an LLC it is considered a withdrawal of dividends and the tax on it is 30%, and not only is it 30%, there is also no option to offset tax between the authorities (because it is a dividend). Also, I understood that there is a way around this by making the LLC transparent, but if you do that the LLC will be like this forever (didn't I understand if it is only for the specific LLC or for all LLCs...
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