All Forum Posts by: Brian Versetti

@Dave E. Suggestions in the Pittsburgh area?

@Ashish Acharya I think I will reach out, but in the meantime I will do some research to try to at least get some basic understanding. I really appreciate your responses!

@Ashish Acharya First Thank you very much! Second I'd like to see if I am understanding correctly; I would "contribute " the property to my LLC, tax free and then I would pay myself through a distribution and the LLC is not taxed but I am when I recieve the distribution. Am I understanding you correctly?

@Christopher Smith

To be honest I have no idea but my cpa told me to create an llc, he made it sound as if it would help with my tax liability.

Hello to all, I am relatively new to owning and renting out property so any help here will be much appreciated! I have rent that comes in for one part of my building and before too long I should have additional rent from the other parts. My accountant, when doing my 2020 taxes, suggested I form an LLC to own my real estate and I am now trying to put my building into that LLC name to lessen my tax burden. So to my questions: what is the best way to transfer ownership of my building (I ask because a lawyer that I spoke to said that I must sell it to the LLC for what is considered a reasonable amount, is this true or partially, or is there abetter way to do this?

Secondly, once the property has been transferred how do I get the money into my hands with less tax burden than it being a w-2?

Thank you for all help!