All Forum Posts by: Luc R.

@John Woodrich, @

Costin Iorgulescu, ...

 I have set up an appointment with a real estate investor CPA to seek help. 
I have always filed my taxes using one of the big 3 filers. I am certain that I have been doing something wrong all along. Two incomes plus rental income cause... 
I am just learning the real estate investment game. I hope one day, I will look back and laugh at my  mistakes.

Thanks to all of you. 
Please tolerate my rookie mistakes and questions.

Thanks kindly for your feedback.

Hello all,

I new to this and need your opinion. We own rental property in a residential area (not held in an LLC), but we are barely breaking even with less than 1000/year. We like to sell and buy a turnkey property, and keep it in an LLC.

The property rental income adds to our day jobs income and set us into a higher bracket where we pay lots of taxes.

Should we set up an LLC and hold this property before selling it off and purchasing a turnkey one?

Bits of advice on taxes and strategies are welcome.