All Forum Posts by: Sakura Myers

Hello community. Looking for a RE attorney that can work on a wholesale deal that involves commercial buildings. Any recommendations in the Richmond ( and surrounding) area are welcomed. Thank you in advance for your help. 

@Basit Siddiqi Thank you for the clarification. On paper, this is a second home. We have started renting it out to close family and friends. In order to take the applicable tax deductions as a business and to make it available to the market at large, we will have to register for South Carolina's state license correct? I believe @Ashish Acharya may have already answered this question but we want to be clear about renting out a property that is considered a second home. Thank you for furthering our understanding in this process. 

Hi @Ashish Acharya! Thank you for responding! For mortgage purposes, the property is considered a second home. We want to start renting by June 1. 

Hello everyone! This is my first post to the community :) My mom and I have purchased our first rental property in North Myrtle Beach, SC. From the start, I want to ensure we are correctly setup legally and financially (especially regarding taxes). The house is currently regarded as my mom's 'second home'. Do we need to put the condo in an LLC? How do we open a business credit card for the property to track expenses if we're technically not a business? Should we put the property or its profits into an IRA and grow them tax free or deferred? The state of SC requires a business license to rent the property and there are additional state taxes to be paid regarding rental income. Any suggestions on how to reduce our tax liability legally? Thank you for your help.