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All Forum Posts by: NA Reddy

NA Reddy has started 1 posts and replied 2 times.

Thank you everyone! I've been under the weather and couldn't get back sooner, but I appreciate all the guidance!

Hi All! I'm new to bigger pockets. I've been investing in apartments for the past year. I invested in one deal as a Limited Partner and one as a General Partner. I'm about to invest in one more as a GP. Usually all deals form an LLC and add all the investors as members of the LLC. The property gets aquired by that LLC and the investors get a K1 at the end of the year. I've been taking the K1s and filing taxes along with my W2 (thru Turbo Tax). I'm wondering if having an LLC (or any other entity type) of my own help? Can I invest in deals (technically other LLCs) thru my LLC? I take a few real estate classes and pay memberships to a few real estate groups, can I write them off only if I have an LLC, or can I do it personally? Thanks in advance for patiently answering my question.

PS: I don't have a CPA, and I'm in the process of getting one, but I wanted to get a frame of reference so I can roughly compare notes with anything my future CPA would propose.