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Updated almost 8 years ago,
LLC taxed as an S-Corp??
Hello everyone. I know this is a huge topic but i never seem to read something and say...yeah thats my situation. So hopefully i can get some recommendations.
So last year i purchased 2 multiplex properties. Didnt know much about real estate and being a landlord. I had talking about it for years just scared to do it. Im in the process of buying my 3rd mutiplex next month. My new CPA recommended me start up a business because my wife and I were "high income earners" which put us in the 28% tax bracket. Should i start up a investment property business LLC and tax it as an S-corp? I want liability coverage and tax benefits. I couldnt write off a lot of my deductions so now they just carry over year to year. I need to do something because if i stay as a sole proprietorship then it will probably kick me into the next tax bracket. Any suggestions will be appreciated. Thank you.