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Updated over 7 years ago on . Most recent reply
LLC or no LLC "first rental"
Hi I'm Andre, I live in indiana I'm currently try to close on my first investment property which is a 2 unit rental.. My question is should I form a LLC or not due to tax purposes because I work as an electrician making about 150k and I'm single.. I'm also paying 20k cash for the property so I'm trying to figure out the best way to go about this tax wise.. So I have questions like can I form the LLC later, does me paying cash make a difference on when I form the LLC? I have a small window before closing any help would be greatly appreciated. Thanks in advance
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James Wise
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James Wise#5 All Forums Contributor
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Originally posted by @Andre Strickland:
Hi I'm Andre, I live in indiana I'm currently try to close on my first investment property which is a 2 unit rental.. My question is should I form a LLC or not due to tax purposes because I work as an electrician making about 150k and I'm single.. I'm also paying 20k cash for the property so I'm trying to figure out the best way to go about this tax wise.. So I have questions like can I form the LLC later, does me paying cash make a difference on when I form the LLC? I have a small window before closing any help would be greatly appreciated. Thanks in advance
You can form the LLC at a later date and simply transfer title from your name to the LLC.