All Forum Posts by: Andrew Tischbein

Hello - my wife and I just finished up our first year with our rental. We converted our last home into a rental and had it rented out for the majority of 2024. This is our first time going through tax season and I'm looking for guidance and advice on the best way to do it. Currently the rental's mortgage is in our own names and not directly under our LLC. So we were filing it using a Schedule E on our personal tax return. If I did everything correctly, it is showing that we owe additional taxes on the rental property. We achieved a net income of just over $2k from the rental but the way it looks to me we'll be paying more than that back in taxes? Has anyone run into this same problem before? My initial assumption is to make sure the rental is setup in our LLC going forward, but hoping to get some advice how we can best finish this year out.

Hi everyone! My wife and I recently decided to jump into real estate investing so we're excited to be a part of this community. We're getting started and hope to secure our first property through a HELOC this year. Question I have is about setting up an LLC for tax purposes. I'm seeing so many different avenues to set one up - are there any good resources that can walk us through that process to make sure we're taking full advantage?