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Updated about 1 year ago,
Seeking advice feel like I am being over sold by CPA/ tax advisors
Hello everyone,
I am in the market for a new CPA to help me with setting up business structure and prepare for my tax return next year. I have talk to a couple of different companies but all of them left me feeling over sold and not in good hands. I am hoping to get a unbiased opinion to see if I am just being overly cautious.
I am currently in military stationed in CA and will be moving to FL end of the year. I have a duplex that's rented out right now and a SFH that I plan to start renting out Jan24. I plan to get my real estate license in FL while I get into fixing and flipping in fl. I want to set a good structure in place for my properties in CA and what I plan to do in FL. Also I want to set up LLC for my wife who has a side business that picking up a lot of traction.
The CPA I have talked to have recommended different approaches on how I should set everything up. One has me putting the CA properties into a LLC with a WY holding LLC owned by a Living Trust then a separate LLC holding company for me and my wife business. Another one has me placing my CA properties into statutory trust-LLC-Land-Wy holding LLC- Living trust and me and my wife separate LLC with a LLC holding company taxes a C corp. I am lost with all the different holding company and trust do I really need all of this complexity? Do I really need a Wyoming LLC, statutory trust and etc? Can I just by with a LLC for my two rental and two llc for myself and my wife? I am still taking my first step I feel like this is over kill. Thank in advance for any advice.