Tax, SDIRAs & Cost Segregation
Market News & Data
General Info
Real Estate Strategies
Short-Term & Vacation Rental Discussions
presented by
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Tax, SDIRAs & Cost Segregation
presented by
1031 Exchanges
presented by
Real Estate Classifieds
Reviews & Feedback
Updated about 6 years ago,
Best way to pay children for work performed for LLC?
I have a single member LLC that was formed to hold my buy and hold rental. This is my first buy and hold, and we are BRRRR-ing it. My son (14 years old) is legitimately helping me with things like pulling nails out of sheetrock, spackling, paint prep, and painting, and we a have pay schedule set up. My CPA suggested I pay him in cash and just keep records and let him know what was paid at tax time. It seems to me, it would be best to pay him with checks from the LLC, backed up by a spreadsheet showing date, hours worked, hourly rate, and pay. I'm seeking advice on how to handle the documentation so I can be on the up and up come tax time. Thank you in advance!