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Updated about 8 years ago, 11/04/2016
S-Corp, LLC, or something else?
I created an S Corp several years ago for a business venture that never took off. I believe the Employer Identification Number that I was assigned by the IRS is still valid. I'm new to REI and will be purchasing my first property soon. Been reading about the tax advantages of purchasing property under a corporation, and LLCs also seem to be very popular. I'll be consulting a tax advisor soon, but also wanted to get some input from the BP community. Would it be advantageous to purchase property under the S Corp? Would an LLC provide more tax advantages? Please note I am not concerned at this point with the liability aspect, or from an insolvency standpoint. Merely looking for thoughts on the best tax/financial strategy. For additional context, I'll be starting small with single-families and 2-4 unit properties, seeking to take advantage of 1031 exchanges as well. Thanks!
- Myrtle Mike Thompson