All Forum Posts by: Tam Truong

Hello group,

I've purchased a property from a seller that is holding the mortgage so on the Deed, contract of sale and Title, the owner is the LLC. So there was no deeding a property from personal name to an LLC. But I was out of town on closing date so my dad signed for everything. Member agreements are all internal documents which contains my name as the SLLC member. But when I have to sell this property one day, can I legally sell it if my name wasn't on any of the closing documents? Thanks in advance.

@Michael Plaks Yes, we are past the part where I need a new accountant. I’m inquiring for my own education.

@Ashish Acharya I didnt know any better and always created a new llc for new purchases; I assumed these 3 family homes would have more individual protection in th event of any lawsuits. There are mortgages on these LLC’s. The federal lifetime gift limit is 5.5mm so we would just add/remove members on the LLC instead. Moving forward I will create a separate holding company to own and manage these LLC’s. Do I just remove my dad and myself as members and make the only member to be the new holding company that owns them? The accountant filed 5 separate partnership returns all these years. It makes sense now only one partnership return is needed.

I don't fully understand how tax structuring work so here is my question and I don't have the best accountant. I have 5 houses with each home under it's multi-member LLC, my dad and myself. I have been filing each LLC partnership return (1065) and the rental income would go on our personal returns.

1) Should I put all houses under single-member sole proprietor so that I don't have to file a partnership return (1065) for each home and the rental income just reported on the Schedule E of my 1040? (I'm getting charged $1k for each 1065)

2) Should I have a separate multi-member LLC that takes income from the 5 houses and that is the only partnership return I have to do?

Thanks in advance.