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Updated almost 3 years ago on . Most recent reply presented by

Ann Hensel's profile image
Ann Hensel's profile image
Ann Hensel
  • Flipper
  • from Ooltewah, Tennessee
  • Member since Aug 1, 2017
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Ann Hensel's profile image
Ann Hensel's profile image
Ann Hensel
  • Flipper
  • from Ooltewah, Tennessee
  • Member since Aug 1, 2017
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Ann Hensel
  • Flipper
  • Ooltewah, TN
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Tax, SDIRAs & Cost Segregation

Multiple LLCs owning one property

Ann Hensel
  • Flipper
  • Ooltewah, TN
Posted
Currently my husband and I have an LLC and we partnered with another LLC to purchase a property.  Both LLCs are listed on the loan.  My tax accountant is saying we should pick just one LLC to use for the property (and include everyone as a member) since he can only file with one EIN number. Plus the confusion is also which EIN is used to send out 1099s or when they report interest paid on the loan.  How do others do this when partnering with someone else to purchase a larger property?
Chattanooga, Tennessee
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