All Forum Posts by: Lance Lvovsky

Commercial loans are not just limited to "commercial properties". I have a commercial loan on residential properties. You just need to explain to the commercial lending department these are residential properties held in a LLC

When it comes to loans to LLCs, you need to ask to speak to the commercial mortgage department. Fannie and Freddie don't allow banks to lend to businesses, which is why you keep hearing from banks they won't lend to an LLC.

Thanks @Jon Huber for hosting this event. I enjoyed this meetup and looking forward to getting together in the future!

I would contact a CPA to help you with your questions. Keep in mind that C Corps are subject to double tax. When you want to get your earnings out as a dividend, there will be a tax on that. A good CPA can explain to you the differences between the various types of entities

Yes get an ein. Make sure you file a tax return even if there is "no activity" in the LLC.

Generally speaking you would take title as tenants by the entirety. As a married couple, that usually makes the most sense. Also, in some states, TBE is the default for married couples, unless specifically stated otherwise in the deed. If you are doing Estate Planning or expect to be in a taxable estate at some point, then you would need to get with a professional to determine what is the best way to take title for your specific situation.

It is likely you received a credit for property taxes on your HUD statement. In that case you have a liability. When you pay your real estate tax bill later in the year, you would reverse the liability by debiting it, credit to cash, and debit to the excess and an expense.

It is possible to deduct heloc interest in full under the interest tracing rules. I recommend you get with a good CPA who can explain the steps you need to take.

Originally posted by @Lance Lvovsky:

You can expense all those items under the de minimize safe harbor rule.

 *de minimis safe harbor rule*

Excuse the misspelling as I was typing on an iphone

You can expense all those items under the de minimize safe harbor rule.