All Forum Posts by: Joe Caivano

I have a few rentals and I'm not sure what the best course of action is?  Should I borrow against them or focus on paying them off? I was just reading that it's best to fully borrow because leaving equity is an opening for a potential lawsuit? Is this true? 

Hoping for some tax advice. My wife and I are young professionals. Our income is around 300k combined, we file joint. We have two rental properties. We gross 17,800 on one and 60k on the other, so total rental income is 77,800. After mortgages are paid, bills, and fees we are left with probably around 30k. We are set up as a sole prop and typically end up owing around 12 - 15k a year in taxes. SO we basically only end up making 15k. Am i doing something wrong? Should I be a sole prop? My CPA says only advantage to LLC is liability, that it won't help with write offs. Is this true? I feel like I'm paying too much in taxes and trying to figure out ways to lower my tax liability and/or restructure my business. Any advice would be much appreciated. I have been to three different CPA's and they all seem to do the same thing, file my taxes, bill me, and I owe the same or more. Or if someone can point me in the direction of some reading materials or tell me how to better vet CPA's?