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Updated almost 8 years ago on . Most recent reply

Tyronne J. Clarke's profile image
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Tyronne J. Clarke
  • from Falling Waters, West Virginia
  • Member since Jan 16, 2017
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Tyronne J. Clarke's profile image
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Tyronne J. Clarke
  • from Falling Waters, West Virginia
  • Member since Jan 16, 2017
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Tyronne J. Clarke
  • Falling Waters, WV
4
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Tax, SDIRAs & Cost Segregation

LLC or Sole Proprietorship for 5 Plex

Tyronne J. Clarke
  • Falling Waters, WV
Posted

What is your opinion on LLC taxed as S-Corp vs. Sole Proprietorship protected with liability insurance?

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Lance Lvovsky's profile image
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Lance Lvovsky
  • Accountant
  • from Fort Lauderdale, FL
  • Member since Jun 5, 2013
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Lance Lvovsky
  • Accountant
  • from Fort Lauderdale, FL
  • Member since Jun 5, 2013
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Lance Lvovsky
  • Accountant
  • Fort Lauderdale, FL
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Lance Lvovsky
  • Accountant
  • Fort Lauderdale, FL
Replied

If you are going to hold it as a rental, then you generally do not want to elect to be taxed as an S Corp. I generally recommend LLC for rentals. Now whether you will have a single member LLC or multi member LLC will of course depend on how many members in the LLC.

A single member LLC is a disregarded entity and you will report all income on your 1040. I recommend you consult with a CPA who can advise you how to best structure this taking into account your unique tax situation. Let me know if any questions.

  • Lance Lvovsky
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