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All Forum Posts by: Russell G.

Russell G. has started 2 posts and replied 5 times.

Tax, SDIRAs & Cost Segregation

Post: Issuing 1099 to contractors

Russell G.Posted
  • Texarkana, TX
  • Posts 5
  • Votes 0

Thanks for this information.  Is there something I can show my CPA?  They are very cautious and feel it's best practice to issue 1099's. Thanks!

0 Votes
General Landlording & Rental Properties

Post: Living in rental that your LLC owns

Russell G.Posted
  • Texarkana, TX
  • Posts 5
  • Votes 0

Thanks for the information.

0 Votes
General Landlording & Rental Properties

Post: Living in rental that your LLC owns

Russell G.Posted
  • Texarkana, TX
  • Posts 5
  • Votes 0

Can a managing member of an LLC live in a rental that the LLC owns without paying rent? The positve cash flow on other properties within the LLC would cover all expenses on the rental they would live in. Also, how would taxes be handled at the end of the year since the rental shows no profit? Any thoughts or ideas would be helpful. Thanks!

0 Votes
Creative Real Estate Financing

Post: LLC draw as income

Russell G.Posted
  • Texarkana, TX
  • Posts 5
  • Votes 0

Very good....I appreciate your input....

0 Votes
Creative Real Estate Financing

Post: LLC draw as income

Russell G.Posted
  • Texarkana, TX
  • Posts 5
  • Votes 0

I am new to BiggerPockets and have enjoyed the informative Forums. My question is in regards to counting a draw from a Partnership LLC (my wife and I) as income for the purpose of refinancing my primary home. My DTI is a little high and I was thinking that I could show the bank that the LLC was issuing a reoccurring draw every month which will help my DTI. Any thoughts would be appreciated.

0 Votes