All Forum Posts by: Mohamed Nagoor

@Michael Plaks

You guessed right . Thank you for the response.

Hello BP Team,

How do you determine the rent for a primary residence used also for an LLC?

Also is it mandatory for the owner of the LLC (also owns the residence) to submit a 1099 to IRS for the rents paid or is it sufficient for the residence owner to only report the rental income in Schedule E just like any other rental income?

Any guidance is much appreciated.

Thank you both for the prompt responses. Shall reach out to the names shared in your responses.

Am in the process of closing on my 1st home that I lived and then rented for a few years. Wanted to get some guidance on how to get in touch with a good QI. Doing it for the first time, hence any guidance on setting up the 1031 is much appreciated.  

Thanks Derek. Good pointers to consider.

Am trying to sell my Rental property in Atlanta GA after 4 years of renting it. Have done some decent upgrades prior to listing it for sale. Apart from the comps that I received from my Agent, what are the other means of getting a feel for a competitive sale price in the area.