All Forum Posts by: Adam Collopy

I own one rental property at this point and setting it up as an LLC for a tax shelter which I'm doing through Legal Zoom.
Legal Zoom called me and said they want to know because I'm in the state of California, do I want to classify this and set it up as I'm a "Professional?"
I currently have an expired real estate license, but I'm renewing it and should be valid in the next couple months. Legal Zoom said to call the DRE Licensing board to help me answer this question, but I cannot get a hold of anyone worth speaking to.
Any suggestions? Just file as professional since I'll have a license soon?

I just created an LLC for my rental property, so this is all new to me. Is there any reason to pay a salary to my spouse? If I pay her, to make this simple let's say $2k a month, she'll pay taxes on that which means it's my money which I've already been taxed on so in essence I'm getting taxed twice. Or is this all a write off so her being taxed breaks even? Or can she sign up for a 401k and put 100% of it in there?
Suggestions and thoughts?

Sorry for firing off another post so soon, but I'm getting great advice and extremely happy I just found this forum.
I created my LLC. Now what is needed to get my rental property to fall under this LLC and not just my name?
I don't have to refinance it do I?

On a side note, for an LLC, how do I incur certain charges to fall under this LLC? Also, is there a list of what I can and cannot put under as a tax write off/expense as being a landlord now under an LLC? For what it matters, I'm also working on renewing my real estate license as it has expire, I'm not sure if that will give me any benefit.

Thanks.

I'm creating an LLC for myself so do a small start up home business. I'm in the process of setting it up on Legal Zoom and got to the section where it asks if I want them to be the registered agent for $159 a year. Is this worth it? It says it can save me from junk mail and keep privacy. Is this really of concern? If I choose my wife to be my registered agent, can I always change it later if we choose?
Recommendations??