What tax benefits can I get?

[Michael Stoltzfus]

I currently own 3 properties (all in my name) and would like to know the benefits of starting a corporation. I also want to make sure I'm getting all the tax benefits possible. Any accountant or bookkeeper anyone would recommend?

[Linda Weygant]

I would also caution against putting your real estate rentals into a C or S Corporation.  Only under very specific circumstances is this considered a good idea, so you'd want to make sure you understand the pitfalls (there are a lot of them) very well before going down that road.

An LLC is generally the preferred entity for holding real estate, but it is a pure liability protection play (talk to a lawyer about how that works). The taxes are exactly the same for an LLC as for owning them yourself, the only difference being that you now get a tax deduction for all the expenses necessary to maintain the LLC.