All Forum Posts by: Jecarl Viray

@Christopher Smith Yes he did. That's why I was hoping I can form the LLC in Indianapolis where my rental property is and where the LLC fees are cheaper. I was hoping to avoid the $800 fees every year. Thanks for your advice.

@Jason D. Thanks for your advice.

@Jason D. I think you're right. Maybe my CPA just wants to benefit for creating a LLC for me. I guess I'm not going to benefit a lot in taxes. I would wait then until I get more property before I form a LLC to be worth it.

@Son D. My CPA told me that since my income is greater than $150,000 I would not benefit or be able to deduct the rental repairs and expenses on my taxes unless I form a LLC. This would also add additional protection for me when I add more rental property.

Thanks for your advice.

I am a newbie in BP and would like to get advice from the group. Situation: I live in California and I currently own a rental property in Indianapolis and preparing to get my second rental property. I talked to my CPA and I was advised to form an LLC (even though I currently have 1 property) since my income is more than $150,000. I was told that I this is the only way I can deduct the rental expenses. Question: Should I form my LLC in Indianapolis or in California? I know it's cheaper to form LLC in Indianapolis but not sure if there's California laws that would require me to register in CA as well. I don't want to end up registering on both State. I appreciate any advice. Thanks!