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Updated 11 months ago on . Most recent reply

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How to Proceed LLC/SCorp

Posted

I have a duplex that I lease out, and recently got married where my wife and I are over 150k (salaries combined). Trying to figure out how to proceed I have an SCorp already that was just created, I will have to see if its serving as an LLC as well if thats a thing?

Basically trying to get the most tax benefits and protection as possible. I believe the one that does my tax mentioned using scorp due to our income but i seen its not advised to put real estate under scorp

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Michael Plaks
#1 Tax, SDIRAs & Cost Segregation Contributor
  • Tax Accountant / Enrolled Agent
  • Houston, TX
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Michael Plaks
#1 Tax, SDIRAs & Cost Segregation Contributor
  • Tax Accountant / Enrolled Agent
  • Houston, TX
Replied
Quote from @Alejandro Bautista:

Basically trying to get the most tax benefits and protection as possible. 

You cannot increase your tax benefits with entities, such as LLCs. You can, however, make it worse for yourself if you use S-corp for your rentals.

Also, protection is less important when you are married. ;)
  • Michael Plaks
  • Loading replies...