Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Goals, Business Plans & Entities
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 8 years ago on . Most recent reply

User Stats

25
Posts
1
Votes
Brendan Reilly
  • Rental Property Investor
  • Lincoln university, PA
1
Votes |
25
Posts

LLC questions and taxes

Brendan Reilly
  • Rental Property Investor
  • Lincoln university, PA
Posted

I started an LLC at the beginning of this year and purchased my first investment property shortly after. The issue I have is that the LLC was meant for another business I planned on starting before this BRRRR fell into my lap. I'm new to the whole entrepreneur world and was wondering if that business that I planned on using for an online store could instead be used to write off expenses on my property rehab. And should I also put the property under the LLC? This is a major equity play and I would hate to lose it to a bad tenant or mishap of some sort.

Most Popular Reply

User Stats

3,703
Posts
4,450
Votes
Natalie Kolodij
  • Tax Strategist| National Tax Educator| Accepting New Clients
4,450
Votes |
3,703
Posts
Natalie Kolodij
  • Tax Strategist| National Tax Educator| Accepting New Clients
ModeratorReplied

Bryan the LLC will have an impact on his taxes depending on if he's having it taxed as an S corp or not.

@Brendan Reilly you mentioned a bad tenent? Is this property a flip or a rental? 

That will effect your tax treatment as well. If it's a rental any improvements/renovations get added to the basis of the house and depreciated, you don't get to just expense most of them.  

business profile image
Kolodij Tax & Consulting

Loading replies...