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Updated about 3 years ago,
Residential Rental - LLC - taxed as Scorp - Need assistance
I have few residential rental properties, for which me and my wife are on mortgage but did deed transfer to LLC. But as for filing taxes we elected as S-Corp, it's been few years we have this set up, but learned that it's not a good set up. I want to see how I can correct it, did anyone been through this path and got them corrected, what are the tax implications and what's the right way to get out of this structure and keep it simple, I'm fine just dissolving llc/scorp and just keep the properties on our name.
Please guide or provide CPA/attorney contacts who can help.