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Updated almost 6 years ago on . Most recent reply

Joe Brummitt's profile image
Joe Brummitt's profile image
Joe Brummitt
  • from Chicago, Illinois
  • Member since Aug 1, 2014
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Joe Brummitt's profile image
Joe Brummitt's profile image
Joe Brummitt
  • from Chicago, Illinois
  • Member since Aug 1, 2014
Connect
Joe Brummitt
  • Chicago, IL
3
Votes |
7
Posts
Starting Out

Multi Member LLC tax designation

Joe Brummitt
  • Chicago, IL
Posted

Hi Everyone!!

I'm looking for some guidance on what tax designation to elect for a multi member llc. 

Currently investing in Airbnb properties with day to day operations run by a management firm. Purchased one, but have offers in to buy 2 more. This would be a total of 3 LLCs that are all multi-member LLC's designated at partnerships for tax entities. Am I making a mistake with this strategy?

My concerns:

Self Employment tax - I think we get out of that because we aren't doing day to day management 

Audit - With more LLCs to come, I'm nervous about flagging for auditing.

Looking for friendly guidance. 

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