Updated almost 7 years ago on . Most recent reply
Taxes for flipping in LLC vs. personal name?
Is there a difference in the tax consequences for flipping in a single member LLC vs your personal name? Any suggestions as why to do one over the other?
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Natalie Kolodij
Tax & Financial Services
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For starters- talk to your tax pro.
There is no surface value difference. SMLLC has no impact on taxes.
Should you decide later with your tax pro that an S corp makes sense- that is an election made TO an LLC- so it would apply to income earned in that LLC- but side by side there is no difference.
Kolodij Tax & Consulting