All Forum Posts by: Ana Klein

you definitely need to speak with a real estate lawyer that will assist you with this and that it aligns with your goals. Like Greg stated, the more entities the more maintenance and it does not necessarily mean a decrease in tax liability. I use 

https://markjkohler.com/

@Natalie Kolodij fellow investor and REI CPA i will be there ;) where are you staying?

tax planning is key. As many here have posted you can work with CPA's who are not in your state. 

you 100% have to claim your income from rental 

Tax planning can help you with this strategy and then some! You should consult with a CPA to help you strategize to minimize your tax liability! 

CPA's are an investment. If you see them as an expense then you are not getting the value. It's a pice of mind.  It' hard to say what a good price of the engagement you have. The best thing to do is find someone with experience, do your homework but at the end of the day it's the peace of mind! 

@David M. has a really great point! LLC's are for asset protection and if you don't treat it as a business and have a separate bank account and start co-...mingling funds you are piercing the corporate veil and well. there goes the LLC protection.I would advise you to seek a consultation with a lawyer. Partnerships are always great until something goes wrong and there is no contract.

@Linda Weygant your post on point! NOT capital gains

Phillip it's really hard to give advice regarding LLC's as that is more legal. However, in your situation, I have seen clients that do both. They create an LLC and have the rental income in that bank account but I also have seen others just in their name. Remember LLC's are for asset protection. Either way, I think that keeping separate records and being organized is going to help you next year with tax preparation.

and yes try to find CPA's who align with your REI Goals

@Robert Arquilla no I am not living in it. Seller is willing to cover all closing costs. I agree with the cash flow as I look at some other analysis on here I can tell this one is slim