All Forum Posts by: Lance Lvovsky

I typically advise my clients in this situation is to complete the exchange in their own name, then "contribute" the property to a new LLC that has the 50/50 ownership. The other LLC member can make a contribution for consideration of his/her interest in he new LLC. Nevertheless, I would get with a CPA and/or attorney who can advise you accordingly

Jason Couto I am a CPA in Fort Lauderdale /Miami and also invest in real estate myself. As such, I have a team that I can refer you too, including lenders, mortgage brokers, real estate broker, attorney, etc. Feel free to direct message me and I am happy to help.

You would certainly look into amending the articles of organization, issuing stock, etc. I recommend you get with a CPA and/or attorney who can help you make sure everything is done correctly. Also, you mention closing in the s corp with personal funds. It is generally not a good idea to commingle personal/business funds.

Taylor Riley I am a CPA located in Florida. I also invest in real estate. Would love the opportunity to connect with you. Please feel free to message me directly

While generally small landlords are exempt from 1099 filings, if you have many rentals, this can be considered as a business in the eyes of the IRS subjecting you to 1099 filings

I do not recommend owning a primary residence in a LLC. For that matter, personal property, whether real or personal tangible should not be owned in a LLC.

The taxes are not taken from the sale, as mentioned previously. Also keep in mind, if you are subject to quarterly estimated taxes, you will need to pay your taxes earlier otherwise you will be subject to an estimated tax penalty

You were misinformed as income from both an LLC and a S Corp pass through to your individual income tax return. With that being said, generally speaking, as a wholesaler, filing as a S Corp would be better. One could form a LLC and elect to be taxed as a S Corp. Always best to get with a CPA who can help you get all your filings in order. A CPA will also know which elections to make

With owner financing, you can spread any taxable gain you may have over multiple years. That way you don't pay all the tax in the year of sale. Other advantages include collecting interest with every payment you receive. What kind of property are you selling?

I'm on the mobile app so my response will be quick. But generally speaking, buyers prefer to buy assets, sellers prefer to sell stock/member interest in LLC. Get with your CPA to understand all the implications of an asset purchase vs a stock/LLC purchase