All Forum Posts by: David Chow

Hi Brie, Jered, Gabriel, Joe.

Thank you all for your input. It's great to see people answering my post without really knowing me! I'm glad on joined BP!

Yes, I understand that LLC won't do anything to save me from being taxed. I should have been more descriptive. My tax guy told me to setup an LLC for buy and hold and not for flips. My question was more on tips on any additional ways to save income from tax since I would like to use that same income for other investments in the future.

As for Self Directed IRA, I did have one setup where I purchased a 4plex and SFR for investment.

Thank you all for your time! I appreciate it!

David

Thank you for the feedback Arlan.

Hi Chris

Is there a way to save the net of rental income to an account (that won't be taxed) for future property fix? Or, is depreciation the only way to shelter against tax?

Thank you very much for your feedback!

David

Hi. 

I'm new to the forum and would like to see if anyone has info on how to shelter income from being taxed? This is a hypothetical question since I have not started the purchase of a multi family unit yet. 

My tax guy recommended me to setup a LLC to purchase properties for buy / hold and rent. One of the question I had was what happens to income that I get from rent (minus all the expenses). I was told that the income will be passed as my personal income since I'm the owner of the LLC.

I would like to think that I can save up the income each month so that I can either use that for paying other expenses in the building, pay off mortgage, or invest in other properties.

I would hate to think that all income from rent will be filed as my personal income since I do have a decent paying job.

Any help or feedback would be greatly appreciated.

Thank you.

David