A few times in this thread, I have raised a question as to whether wages that exceed $150,000 can be offset by losses in an LLC in which I am a member, but I do not believe I have received a clear reply. Isn't there a limit that only allows for deductions to offset wages if the wages do not exceed $150,000?
Does it make a difference that the LLC in which I am a shareholder owns a gas station that is rented out to an operator tenant? I am not sure how this plays into LdiJ's comment, "Only if that income was active business or trade income." I actively maintain the property that the LLC owns, and this property is then leased to an operator. Is this "active business or trade"?
Yes, it makes a difference. At this point I am throwing up my hands and telling you that you need a tax professional.