All Forum Posts by: Account Closed

@Kay Ferdous He should probably sit down with a CPA to figure out what his cost basis is. 

Highly recommend Jeff Copeland He knows the area extremely well and is great to work with! He manages the properties also if that's something you need.

Will, Highly recommend Jeff Copeland He manages all of my rentals and does an excellent job.

Ryder,

@Jeff Copeland manages my 14 units and does an excellent job! He always takes care of issues promptly and effectively. 

Hope this helps!

V corp services Very simple and they do all required steps, have registered agents etc. should be about $1000 cheaper. Just my opinion, but I think a lawyer to form an llc is completely unnecessary.

Also, have to give credit to Steven Hamilton for answering a similar question that I posted

Depends how you are planning to pay: If cash, easy solution is to purchase the property in an LLC with two 50% owners. If trying to use conventional financing (assuming you are because you're asking this question), I believe you have two options: You can put half of the income and expenses directly on your schedule e, avoiding the need for a partnership return. However, I don't like this approach because you're forced to be involved in the other partners personal tax filing. Could get messy. Option 2 is to file a partnership return and split the income and expenses that way. Make sure you have an operating agreement!!

If using cash basis (which I assume 99% of people on here are), the expense is recorded when actually paid. The money is technically still yours when it's in escrow. I made a current asset escrow account in quickbooks, and transfer the funds there. Then, when actually paid out, I record the expense against that asset account. Hope this helps!

Steven Hamilton II appreciate the response. Thank you

Hi All,

Hoping I can get a start on the best way to file. We chose this strategy to allow the max number of mortgages.

Partner A purchased 1 property (A is the only person on title and mortgage)

Partner B purchased 1 property (B is only person on title and mortgage)

Partner C purchased 1 property (C is the only person on title and mortgage)

We have agreed to split income and expenses equally (with an equal amount of capital contributed). I like the idea of a 1065 because I don't want to be involved in the other two partners personal tax filings. I can just issue them a K-1 and then I know that it was then reported properly. However, when one person receives a 1099 or 1098 with their social on it, can you still report these forms on a 1065? 

Any thoughts on directly reporting on a schedule e vs a 1065 would be appreciated!