All Forum Posts by: Ashana Singhania

@Eric Williams, @Michael Plaks - Really appreciate your response. Per my understanding, the Scorp revocation would go in effect starting jan 1st. Is it advisable to move the property under the LLC now or should I wait till SCorp status is revoked? Also, will I have to file an Scorp return this year and will that have any negative effect?

Hi All,

I'm looking for help as I've been receiving really contradictory information after several CPA consultations. I'd love some advice or Real estate specialized CPA suggestions.

Context - I recently bought a property in South Carolina and its currently operational as a short term rental. I created an LLC to move the property from my individual name to the LLC for liability protection. While creating the LLC, an S Corp election was made via form 2553. Recently, I found that it could bring heavy tax implications should I move the property out of the LLC for refinancing. I haven't yet moved the property under the LLC. Before, I do, I'm looking to revoke the S-Corp election and would like the tax status to get back to a normal LLC. I really want to understand the tax implications of doing so. Also, its relatively new, so should I just dissolve the comapny and create a new LLC or there is a way to work through the existing one?

Hi All - Has anyone had issues with furnished finder owner verification process. They just declined my listing saying there are some issues with transunion verification. Has anyone else faced it?

I bought my first rental property and moved it under an LLC. The mortgage is in my individual name.

Suggestion Received - Create a loan agreement between myself and LLC for downpayment and furnishing costs. Deduct that amount from my personal income (other than what's originating from that LLC). Is that legally possible?

Hi, 

I'm in the process of closing on my first real estate investment property in SC. I'm an out of state investor and looking for suggestions for a CPA who can help with creation of LLC/Scorp, operating docs, govt. filing, tax planning and preperation.

Please share if you know a good firm.

 Hi @Natalie Kolodij - Would you be able to share the contact please?

I live in Atlana, GA. I'm planning to buy a property in Charleston SC in my name and move it under and LLC later. Which state should I form an LLC in?

Hi all -

I'm currently living in NJ. I'm looking to make short term rental investments in South Carolina and Florida. Can I create an LLC in Wyoming and make out of state investments?

 Hi @Brooklyn McCarty:Would you have any suggestions for upcoming beach markets?

 Makes sense.