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how do llc losses affect personal income taxes in the us?
user
the short answer is yes, losses get passed through to members. limits/percentages do apply, primarily based on your share in the business. check out the final post in this thread:  http://community2.business.gov/t5/other-business-issues/paying-oneself-in-a-llc/td-p/16060  it's not a bad little summary of the profit/loss pass-through.  regarding your 60k/60k example: the amount of money you earn in your day job will impact how much loss you can claim. unfortunately i can't find anything more recent at the irs or business.gov, but see this from 2004 - 40k was the limit before the amount you could claim against started to be mitigated: http://en.allexperts.com/q/tax-law-questions-932/tax-loss-pass.htm hth
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