All Forum Posts by: Adam Carrillo

@Bill Walston That's my civilian job as a process operator for a refinery. Now I want to get into investing/rental property for passive income.

Hate to bring this post back up but it gave alot of good info. I have a few myself. For tax purposes what's the best route to take. I make around 90k-120k/yr. The only thing I usually write off is my property taxes. And in usually on the cusp line of paying back uncle sam. Which llc would be best for me? S corp or single owner llc. I'm aware of the pass through entity. Trying to chose the best route.

So I'm looking to get a rental property. Ive done some research, but I would like some help from those who have been in maybe the similar situation. I have a current job where I gross anywhere from 90K-120K yearly. Will opening up an LLC be tax beneficial for me? Usually I'm only able to claim my property taxes so I'm usually borderline with having to pay taxes back.

I plan on it just being me as the sole owner of the LLC. And I'm aware of the pass through tax where I am able to just file it with my personal taxes. That's why I asked the question above if its beneficial for an LLC. Or should I just get a loan under my name and run the property like that. If choose that route and just use insurance as protection, can I still right off all the expenses that are dealt with the home and depreciation of the rental home?

Also I am a combat vet. I mention that because maybe someone knows about things that help veterans out from the business aspect.

This LLC would be in TX. What type of LLC should I choose? Is it worth it? Would it be beneficial from a tax perspective? All and any info helps. Thanks in advance.