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Updated over 6 years ago, 09/02/2018
Taxation and asset protection question
I don't fully understand how tax structuring work so here is my question and I don't have the best accountant. I have 5 houses with each home under it's multi-member LLC, my dad and myself. I have been filing each LLC partnership return (1065) and the rental income would go on our personal returns.
1) Should I put all houses under single-member sole proprietor so that I don't have to file a partnership return (1065) for each home and the rental income just reported on the Schedule E of my 1040? (I'm getting charged $1k for each 1065)
2) Should I have a separate multi-member LLC that takes income from the 5 houses and that is the only partnership return I have to do?
Thanks in advance.