All Forum Posts by: Mike Wascher

For better handling of closings use Meridian title company! They are excellent

Hi Dennis, how did this deal go?

We just purchased to turn Key properties using Chemical Bank, Shawn Huss and give him a five star rating!

Scenario: we (2 member) have an LLC in Calif and invested in our first residential rental in Indiana. My partner took out a mortgage on the SFR. He then deeded the property to a trust that has the LLC (officers and members) as a beneficiary (all based on advise received from multiple sources). However, an enrolled agent mentioned that the "trust" will have to file a tax return as well as the LLC, but he wasn't sure. Does anyone out there have experience as partners in an LLC deeded property to LLC via a trust and gone thru tax seasons? Does this cause extra filing? What if the property were deeded directly to the LLC? What is the negative impact of that?

Thanks,

Mike in SDCA

When an LLC is multimember (2) owned by a trust, how is the tax filing done?

When an LLC is multimember (2) owned by a trust, how is the tax filing done?

CA Corporations Code §§ 17701.04, 17701.08, 17708.02, Revenue and Taxation Code § 17941

Form LLC-5 (REV 01/2014) Application to Register a Foreign LLC.

This info may help. I understand you only need 1 LLC in CA if you use LLC in another state called foreign entities.

Article: SDIRA and Foreign Registry in another state article by Matt Sorenson (Matt Sorenson SDIRA expert is the “S” in KKOS) http://sdirahandbook.com/what-is-a-foreign-llc-or-corporation-and-when-do-i-need-to-register-my-company-into-another-state/

Article: 10 Steps to Purchasing Your First Rental Property

http://markjkohler.com/10-steps-to-purchasing-your-first-rental-property-by-mark-j-kohler/

Note Steps 7 and 8 about forming an LLC