All Forum Posts by: Megan Elmendorf

@Basit Siddiqi Thanks for the clarification. This is extremely helpful! Thanks!

Thank you this is very insightful!

@Dave Van Horn Thanks! We would want to split it 50/50, but if no legal entity exists, how do you claim your 50% on your tax return? My understanding is that we'd need the parternship/LLC tax return that then distributes K-1s. If you don't have that entity, how does the taxation side work?

Are you simply talking about transferring the title ? Not the actual loan to the LLC?

Are you speaking about transferring the title of the property or transferring the loan into the LLC designated name?

I realize this post is from quite a long time ago - but how does the taxation side of this business plan work? Say if you don't get an LLC for this partnership and do all conventional loans between the two business partners?

I will try to keep it short, any input would be greatly appreciated. 

I own 1 rental property with a partner. We started an LLC and filed an SS-4 to obtain an EIN in order to open a business bank account so we could have a neutral business bank account to accept rent and pay the mortgage and other expenses. When initially getting the loan on the house, we simply both were co-signers on the loan - i.e. obtained a personal conventional loan. We have not put the deed to the house in the LLC. At the end of the last tax year, it was brought to our attention that since the loan is under our own personal social security numbers and the business income/expenses and tax return is filed under the EIN, we have a disconnect so to speak that we need to correct. Does anyone have any advice on how to proceed? We have considered dissolving the LLC, but I am unsure of the tax implications. Does anyone have any insight as to the implications? Do we need to refinance to a commercial loan? Is refinancing from a conventional loan to commercial loan possible?

@Kevin Romines this was extremely helpful, thank you!

My partners wife did not buy the house with her husband they are living in today, never bought a house and is not on their mortgage. Does anyone know if she can still get the benefits of a first time home buyer? (putting 3-6% down instead of 20). Any websites or help would be greatly appreciated. Thanks!

Hey guys.. Just seeing if anyone in the St. Louis Missouri area has a good recommendation for a a Tax Accountant. All of my accountant contacts do auditing and have no resources for Taxes. 

Anyone that is not from Missouri, did you just find tour accountant on google? I just want to make sure I hire the right person who understands what our needs are.