All Forum Posts by: Bruce D. Kowal

 Its tenancy in common. We both reporting on schedule e. I report all income from rent minus expenses minus my distribution to my partner on 1099. She just report 1099 as income and no other expense. We both take 50% of the depreciation of the house. So theoretically, its the same tax as if we do it as partner?

I'm a realtor in California. I recently filed an LLC to save money on self employment taxes by creating an S Corp. The LLC should be done in around 20 days.

I have two transactions that have just closed and a third one that's pending. One of the commissions has already been sent via ACH transfer to my account from my broker but hasn't delivered yet. The second commission check is in the mail on the way to my broker. The third deal that's pending will close in mid April.

I have several questions. The first is if I'm paid these commissions as an individual before my LLC is created is there any way I can pay my LLC and then report that the commissions were paid to my LLC on my taxes?

The second question is can I have my broker delay paying out the commissions until my LLC is created and I can give them the LLC's 1099? Does it matter that the official close date of the deals were before my LLC was created? I've already asked my broker about possibly delaying the payments and I'm waiting to hear back.

And as mentioned by several folks in this thread, it goes beyond the trades. It's work and work-ethic in general. 

When I was a kid I shoveled driveways in the winter for $$. In the summer I cut grass and washed neighbors cars. I competed with other neighborhood kids for these jobs, I wasn't the only one. This was a fairly nice middle class neighborhood. My neighbors were happy to hire me, and paid me pretty good. This was all up until I turned 16, got my drivers license and a job at a gas station. I learned at an early age the value of work and how to save money. This was normal back then.

In the last 20 years, my wife and I have lived in 3 good family neighborhoods. Not once during this time has a neighbor kid come to my door soliciting services of any kind. I've only seen a flyer posted on the community mailbox 1 time for a girl offering pet sitting/walking (good for her). Nor have I even seen the neighbor kids doing work around their parents home or washing their parents cars. What do all these kids do for money? Do their parents just give them money? I suppose some get PT work after school when they turn 16, but I had been working for years before I got to that point. 

I guess everybody just hires landscape crews and does the drive-thru car wash now. Or there's app for all this manual labor stuff.

This is not a new trend either. I personally experienced this decades ago in the '80s as a high school senior being discouraged from going into the trades. My grades were good enough to go to a state university but I wanted to go to trade school to be an auto mechanic. I was told to go to college instead. As an 18 year kid, which often means you're an idiot, I was like "ok, I'll just go to college". I mostly drank beer and chased girls. I did graduate, barely, ironically with a BS in economics. Two years later I went to trade school anyway and became an airplane mechanic as no one got in my way as a 25 year old making his own decisions. 

The public has been brainwashed for a long time that if your kid doesn't get a 4 year degree, they're going to be losers and degenerates. What a crock of BS. And these are the same people that let their kid accumulate $100k+ of student loans, often getting a degree that is not highly marketable or valuable. Dumb, dumb, dumb. 

Go to trade school for 6months to 2 years for a fraction of the cost of college and start earning a good salary years earlier. And provide a critical service to society that we all need. How hard is this anyway?