All Forum Posts by: Ahad Ali

 Hello, 

I am a new investor. Purchased a property in Vegas with a partner. I created a LLC prior to the purchase. Need help / advice on how take advantage of my using LLC for tax purposes. I am completely lost. I know that I am a little late for 2023, but have to start somewhere. What recommendations do you have? Any CPA recommendations for a small investor. I need some guidance and hopefully can still get some benefit for this upcoming tax season and better plan for 2024. Appreciate your advise and recommendations.

Hello everyone,

I'm in search of an experienced real estate CPA who can assist me with tax matters. I've reached out to some well-known names, but they aren't accepting new clients for the 2023 returns. If you have any recommendations, I would greatly appreciate it. It's important for me to work with someone who has experience working with individuals with Real Estate Professional Status. Thanks.

Good afternoon all-

I am setting up an LLC for an out of state property (ohio) and my accountant just informed me that I also have to set up an LLC in my home state of California to pay for state, federal and gross income.

Does anybody have experience with this? This is a first hearing that I have to set up a second LLC for my first investment LLC

Carlos

I know I need to sit down and talk to an accountant before moving forward but I was hoping someone could help clarify a few things for me.

I'm planning on creating an LLC for house flipping. Mainly so I can elect to be taxed as an s corp and reduce some of my SE taxes. I'm going to take out a heloc on my primary to fund the DP and rehab, then ideally pay it back once I sell the home, rinse and repeat.

Can I take out a heloc on my primary under my LLC?

If I take out the heloc in my personal name but use it towards business operations how do I do this on paper? The heloc acc and home purchase would be on my personal credit and not my business credit correct?

To my understanding, if I transfer the home to my LLC I'm not actually transfering ownership so would it still be considered a personal asset vs inventory for my business?

From what I've read it can be difficult to purchase directly under an LLC so most people transfer but I'm not really understanding how it works in regards to accounting.

I want to keep my personal accounts and business seperate but I'm struggling to understand the process in this scenario.

Hello! Can anyone recommend a CPA in Colorado? Thanks in advance. 

Hello,

Anybody who could recommend a CPA who specializes in real estate investing in New Haven county, Connecticut? Thank you!

Florencio

New investor looking for recommendations for great CPAs/Accountants in the Fairfield County, CT / Westchester County, NY area.    Thanks in advance! 

Hello all,

I have a property management company (LLC). I want my daughter to learn real estate. What is the best way to pay her?

An employee and give her a W2? Hire her as a contractor and give her a 1099? or lease her some properties and have her sublease out?

In the same token, should I keep her in my tax filing? or have her file independently?  She is in her first year of college.

Thank you,  Anthony

Hey Everyone!

Happy new year!

I was wondering if I were to purchase a property under my name at a conventional loan and maybe 6 months to a year from now I rent it out and were to purchase an umbrella policy, should I create an LLC to mainly deal with the operating side for collecting rent/ and creating lease agreements, etc or what should I do? Curious for someone if they only have 1-2 properties and how they go about it and if they slowly grow their portfolio?

Thank you in advanced!

Thanks guys! @Account Closed & @Ahad Ali! Thank you for your input as well @Chris Seveney. Happy New Year to you all :)!