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Updated over 1 year ago,
BEST TAX STRATEGY with W2, LLC and Partnerships!!!
Hi guys, need help with our tax returns. We've been going back and forth with the lender and our accountant. We do have LLC; two houses in Huntington Beach with ADUs, STR in Big Bear under our name and our LLC and two STRs in Smokies with partners under two different partnerships per property. Goal is to purchase our primary residence in the future and both my husband and I have W2s. My question is, underwriter of our lender is saying to reflect all properties in our personal tax return schedule E page 1 and not in 8825 in the business returns. On the other hand, my accountant is saying once we do that since we've been filing everything through our LLC return in the past we don't have means to go back and we're putting ourselves at risk of being audited. He wanted to separate business returns from personal. Just wanted to see what everyone's doing when you have W2,LLC and partnerships. Do you put all your properties in schedule E page 1 or personal tax return or file separate through LLC and partnerships? What's the best way to maximize tax write off at the same time still get approved with future loans to upgrade our primary residence(looking to buy minimum of $1.5M worth of property)? Thoughts? Ideas? Experience? Any help or advice regarding this would be greatly appreciated. Thanks in advance guys!