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Updated almost 8 years ago,

User Stats

126
Posts
24
Votes
Ashly B.
  • Real Estate Investor
  • Des Moines, IA
24
Votes |
126
Posts

Best tax stragegy for my situation?

Ashly B.
  • Real Estate Investor
  • Des Moines, IA
Posted

Currently have 1 4-plex and I'm looking to expand my portfolio this year. I recently got divorced and he kept the primary residence. As a now single person with no mortgage deduction, a 6 figure income and only getting to claim my dependent every other year, I'm terrified to see what my tax situation looks like this year. I'm wondering what the most advantageous way to use my rental is. Up until now I've always just filed it as part of my regular taxes. I actually have an LLC but never got around to doing anything with it. I'm getting ready to refi the rental to roll in some renovation costs and I'm wondering if now is the time to move it over to the LLC and how much of a tax advantage that has. Appreciate any advice.

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