All Forum Posts by: Rudy Estrada

@Christopher Smith Thanks a lot Christopher!

@Ashish Acharya Thank you so much for the information. I think the de minimis option is the smart thing to do. Thanks again!

I purchased a rental property in August 2018, I bought used furniture for the living, and dining room. Can I deduct the cost of that furniture in my taxes? If I can, in what section do I have to report that? The value is only $640, but every little bit helps. Thanks in advance

@Bernard Reisz @David Lichtenstadter Thanks a lot for your input on this topic. The way I understand it is that I will have to file a Form 1065 with the IRS and issue K-1s to my sister and I so we can both transfer that information when filing our individual taxes (I presume that information will go in our schedule E). We are dividing the expenses/profits 66.6%/33.3%

Hello everyone, I am a new real estate investor. I am currently on contract to purchase a condo in College Station, TX. My sister and I will purchase the condo on both our names and have agreed to be "partners" in the deal. I also have established a TX LLC (as a partnership with a different person); however, we were not able to purchase the property under the LLC due to the lack of financial history. My question is, do we have to file paperwork to register the partnership, or can we just document on a partnership agreement and file our respective share on our taxes?

Thank you so much in advance for your input.

@Natalie Kolodij

Thanks for your input, I feel very good with Mr. Plaks' response and your reassurance makes me feel even more comfortable.  

@Alejandro Garcia

Thank you for your response.

@Michael Plaks

Thanks a lot for your response, it gave me all the information I needed. I feel a lot better now. Again, thanks so much.

@Mike S.

Thanks a lot for your response.  

I recently created a TX LLC to buy and hold rental properties. The LLC has 2 members and when I registered to get an EIN with the IRS, my registration got switched from an LLC to a Partnership. The IRS website mentioned something about applying to switch back to a corporation status instead of being a Partnership. My question is: Does being registered as a partnership instead of an LLC will make any difference when it comes to tax/legal matters? Thank you in advance for any input you may provide.