All Forum Posts by: Trist Baylon

@Basit Siddiqi, thank you for your response. Our LLC is just between my husband and I and partnerships are with us and partners. What's the right way to do it? Thanks in advance!

Thank you for your response Ashish. Our partnership is with my husband and two other partners. We cant file both 8825 under the business return and schedule E on our personal tax return? And once we do that route putting everything on schedule E it's hard to put it back in our LLC in the future. How about implication on our LLC and liability vs our personal assets? That's what I'm concern the most. If properties are in LLC then there would be at least separation of our personal asset and that of LLC. Thank you!

Hi guys, need help with our tax returns. We've been going back and forth with the lender and our accountant. We do have LLC; two houses in Huntington Beach with ADUs, STR in Big Bear under our name and our LLC and two STRs in Smokies with partners under two different partnerships per property. Goal is to purchase our primary residence in the future and both my husband and I have W2s. My question is, underwriter of our lender is saying to reflect all properties in our personal tax return schedule E page 1 and not in 8825 in the business returns. On the other hand, my accountant is saying once we do that since we've been filing everything through our LLC return in the past we don't have means to go back and we're putting ourselves at risk of being audited. He wanted to separate business returns from personal. Just wanted to see what everyone's doing when you have W2,LLC and partnerships. Do you put all your properties in schedule E page 1 or personal tax return or file separate through LLC and partnerships? What's the best way to maximize tax write off at the same time still get approved with future loans to upgrade our primary residence(looking to buy minimum of $1.5M worth of property)? Thoughts? Ideas? Experience? Any help or advice regarding this would be greatly appreciated. Thanks in advance guys!

 Awesome,

Lets all partner up @Vince Rodriguez and @Charles Simon...

 Hello,

We are in Huntington beach and we host travel nurses 

We also own a cabin in big bear and 2 other cabins in tennessee 

We are familiar with STR and MTR.

WE can talk..

cant wait to network with everyone..

See you!!

Thanks for hosting @Charles Simon

 Yes,He's a good tenant and dont mind paying higher rent as long as its renovated..Its just I want to cover myself and not do anything illegally..

 Yes,This is what im trying to do but the tenant is ok with doing that.

He likes the house and the area and doesnt mind paying higher rent as long as it is renovated..

Thank you for your input..

 yes,But when can they come back and re-sign a lease with higher rent?

Like legally??

 lets say remodel only takes 3weeks.Can I take them back and ask for a higher rent lets say from $800 to $1,100?btw,its in CAalifornia..

Thank you