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Updated over 7 years ago on . Most recent reply

Johnny Situ's profile image
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Johnny Situ
  • Rental Property Investor
  • from Fort Mill, SC
  • Member since Mar 2, 2014
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Johnny Situ's profile image
Johnny Situ's profile image
Johnny Situ
  • Rental Property Investor
  • from Fort Mill, SC
  • Member since Mar 2, 2014
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Johnny Situ
  • Rental Property Investor
  • Fort Mill, SC
132
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161
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Tax, SDIRAs & Cost Segregation

Do I need an LLC to file tax deductions on real estate expenses?

Johnny Situ
  • Rental Property Investor
  • Fort Mill, SC
Posted

Hi BP folks, I am looking for some professional advices for tax deductions on real estate investing. Right now I am hiring my father as a handy man, so in order for me to deduct those expenses do I need to have an LLC and a spearate account for handling those transactions?

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Paul Allen's profile image
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Paul Allen
  • Financial Advisor
  • from Virginia Beach, VA
  • Member since Feb 23, 2017
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Paul Allen
  • Financial Advisor
  • from Virginia Beach, VA
  • Member since Feb 23, 2017
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Paul Allen
  • Financial Advisor
  • Virginia Beach, VA
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Paul Allen
  • Financial Advisor
  • Virginia Beach, VA
Replied

You do not @Johnny Situ. You can deduct those expenses using Schedule E of the form 1040.

Best of Luck on your Real Estate Investing! 

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