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7 April 2019 | 7 replies
As for the tax implication, it's a non-event:"When the IRS “disregards” an LLC, it means that, although the LLC and it's owner are separate entities (for liability purposes), the IRS “disregards” them and just taxes the LLC however its owner is taxed.
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17 April 2019 | 9 replies
I’ll answer the “it is only me in the LLC” comment.A single-member LLC is considered a "disregarded entity" by the IRS and the LLC's activities will be reflected on the owner's federal 1040 tax return.
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3 May 2019 | 3 replies
If it's two houses on two parcels, then disregard the above, that would require 2 loans.What is true: There is NO WAY to know before the appraisal comes back if VA will go for it.
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4 April 2019 | 27 replies
A SMLLC taxed as a disregarded entity doesn't automatically report on the Sch C is what I was getting at.
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5 April 2019 | 2 replies
This allows them to be single member entities, which allows me to declare them as “disregarded entities” with the IRS.
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23 September 2019 | 31 replies
By using this double layering, your local LLC is protected from outside threats thanks to the holding LLC.Taxwise, the local LLC is disregarded and only the holding LLC will have to report (if multimember).
9 April 2019 | 9 replies
As for the tax implication, it's a non-event:"When the IRS “disregards” an LLC, it means that, although the LLC and it's owner are separate entities (for liability purposes), the IRS “disregards” them and just taxes the LLC however its owner is taxed.
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7 April 2019 | 6 replies
For tax, I assume you have a SMLLC taxed as a disregarded entity, if so using a personal credit card for business doesn't make things too complicated.To make it cleaner, and easier to track, I would only use that credit card for business expenses and nothing personal so you (or your CPA/EA) doesn't have to scrutinize each and every charge at tax time.
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11 April 2019 | 3 replies
Have that LLC be owned by your Texas LLC and be set up as a disregarded entity for taxes and as member managed.
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18 April 2019 | 6 replies
However, I utilize a disregarded entity to own and manage several small apartment buildings (single-member LLC); have a partnership that practices BRRRR & flips; and another partnership that holds a small apartment building.What are my options for SEP IRA?