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Updated over 1 year ago, 07/31/2023
Recouping Startup Cost on W2
From all that I have read, and using that to base our organizational structure from the very start, I would love to know the possibilities of recouping the start up costs from setting up what my wife and I hope to grow into a large portfolio.
We started with a WY Holding LLC (as recommended by many) into which we put ownership of the state-specific LLC where our rental property is. We plan to move the rental property into that state-specific LLC as soon as feasible with the lender's blessing, and have already set up a business bank account using the state-specific LLC's EIN. All future transactions will be thru the business bank account, but some of the start up costs were on a personal credit card.
We did need to qualify for the loan as individuals, and paid the down payment and closing costs out of our personal money. This also included things like appraisals and inspections prior to close.
Is there anything I can do to make my CPA's job easier for next year other than having the specific charges highlighted on the personal credit card statement?
Thanks BP Family!
Michael and Piper Holmes
We started with a WY Holding LLC (as recommended by many) into which we put ownership of the state-specific LLC where our rental property is. We plan to move the rental property into that state-specific LLC as soon as feasible with the lender's blessing, and have already set up a business bank account using the state-specific LLC's EIN. All future transactions will be thru the business bank account, but some of the start up costs were on a personal credit card.
We did need to qualify for the loan as individuals, and paid the down payment and closing costs out of our personal money. This also included things like appraisals and inspections prior to close.
Is there anything I can do to make my CPA's job easier for next year other than having the specific charges highlighted on the personal credit card statement?
Thanks BP Family!
Michael and Piper Holmes