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

Debra Johnson's profile image
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Debra Johnson
  • Member since May 16, 2022
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Debra Johnson's profile image
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Debra Johnson
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Debra Johnson
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Tax, SDIRAs & Cost Segregation

LLC or run through personal account for taxes and banking

Debra Johnson
Posted

Just purchased single, out of state, property for STR. We reside in WA. STR in Boise, ID.

As a married couple do we set up LLC or run expenses and income through our personal names? This is in regards to banking and taxes?

Boise, Idaho
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Shannon Allen's profile image
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Shannon Allen
  • Real Estate Agent
  • from Boise, ID
  • Member since Jul 16, 2020
  • Posts 31
  • Votes 43
  • Experience 18 Yrs
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Shannon Allen's profile image
Shannon Allen's profile image
Shannon Allen
  • Real Estate Agent
  • from Boise, ID
  • Member since Jul 16, 2020
  • Posts 31
  • Votes 43
  • Experience 18 Yrs
  • Investments 4
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Shannon Allen
  • Real Estate Agent
  • Boise, ID
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31
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Shannon Allen
  • Real Estate Agent
  • Boise, ID
Replied

I would recommend an LLC, it gives you further protection from liability. There is a one time filing fee and a yearly on-line renewal. For information on where to file check out

https://sos.idaho.gov/business...

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