All Forum Posts by: Gart Robert

Hi Guys! So it's my first year filing my taxes for my multi-member LLC's. I filed my business taxes first which generated my schedule K1's for my partner and I. I show a dollar amount in section 3 (Partner's Share of Current Year Income, Deductions, Credits, and Other Items) in both Box 1 and 2. The amount in value 2 raises my taxes due which makes sense. My question is when I get to schedule E in my tax return for rental income I am used to putting the total amount I collect for rents. I have a feeling I should be including the amount in my K1 box 2 in my rental income in schedule E vs. adding up my total rental checks again for all the rent I collect. I feel like I am getting taxed twice by ignoring the value in the K1 and just adding in my total rental checks for the year. Can anyone point me in the right direction if you have done this before?

Thanks Kenny. I was actually thinking more along the lines of protection vs. tax benefits. 

Hey Guys, what in your opinion is the best way to set up several investment properties under individual LLC's? I have seen many folks say have an operating company manage the day to day operations under it's own LLC and have the properties under their own LLC's. The operating LLC would have leases under it's name, collect rent, pay tax/insurance, etc while the property LLC's just receive the rent from the operating company. Is this overkill or provides actual extra protection?

Thanks so much Dustin!

Hey Guys!

I was trying to find this online but is there any risk of having our trust own the LLC's for our investment properties? Wasn't sure in a legal matter if someone goes after one LLC and it's tied to a trust can they gain access to the trust?

Thanks in advance! 

Thanks guys super helpful! 

Hi Guys,

I've been trying to find this answer online and was wondering if I create an LLC and it's only my wife and I as members 50/50 is that considered a single member LLC or a multi member? I know they have different tax filing rules so I wanted to see what folks thought.

Thanks in advance!