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Tax question about a JV

Discussion in 'Business & Tax Advice' started by buckz55, Sep 8, 2011.

  1. buckz55

    buckz55 Junior Member

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    I am currently doing a JV with someone , so let's say they are getting 60% and I'm getting 40%.

    How would this work since they live outside the united states , Is there a way to claim him on my taxes as an expense or what?

    if the network is reporting over 100K a year under my SSN and I'm realistically only making 40% of that, that isn't good :(

    any tips? because I suck at tax stuff
     
  2. searchmacs

    searchmacs Newbie

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    Why don't you form a new company which has a international partner. This way, you can show that, you take out only 40% of the profits and your tax liability will be on the 40% only.

    I m sure there is a legal way of doing this right. Best is to contact a attorney who specializes in International JV
     
  3. jonnyquest

    jonnyquest Regular Member

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    Yea I was thinking the same thing...no sense the OP getting jammed with 100% of the tax burden because the checks come in his name only.

    JQ