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Updated about 7 years ago,
Pass Through Income
I have several rental properties but have never formed an LLC. With the new tax law coming I keep hearing about the pass through income for LLCs. I am wondering how I am currently taxed on the profits I make from my rental income and if now forming an LLC would benefit me or if I am already in line to receive the pass through deduction of income since the income I make from the rentals is already reported directly in my personal income taxes.
Thanks for your help in helping me understand this. I can't find information anywhere on the Internet telling me one way or the other.