I just want to put a note on here to clarify, When someone says LLC, they are note specifying the tax situation of the business.An LLC can be a:sole proprietor (all of his income is subject to SS and medicare up to the limits)Partnership: All passed through income is subject to SS and medicare unless limited partner who does not participateC-Corporation: corporation pays it own tax bill and S-Corporation Corporation must pay a reasonable Salary to officers(subject to SS and Medicare) and other income is passed through as ordinary income with no special treatment only subject to income taxBryan, Your dad will still receive his SS payments no matter what his income is.

Don't worry about getting a DUNS number, this will happen in the ordinary course of your business and will not affect your ability to get a small business credit card.2) Capital One does offer a decent suite of small business credit cards, but there is one important business practice that makes them different from every other bank I've worked with.  

It is necessary and ordinary for your business and is deductible and you can deduct those as business expenses.If you meet the requirement for the home office for the entire year (or part of the year) you can take a deduction for that entire year or the part of the year.

Passive losses are capped to $3K as an offset against your ordinary income.

If you took more depreciation than you should have, then the excess will be taxed as ordinary income at your marginal bracket rate.  

$795 Rent collected($71.55) Management Fee (9%)No Maintenance costs (:From now on expect monthly checks to be collected on a regular basis - will only update when something out of the ordinary comes up!

And LLC taxed as a _______.Disregarded entity(Single-Member LLC) you will only pay ordinary income tax rates on your rental income.

Hi Experts,When a rental property is acquired on a holding company name but the daily operations run through different operating company...can one take the depreciation or bonus depreciation as ordinary income (loss) as opposed to rental income(loss) for the holding company?  

(wink)As a sole proprietor or LLC, you are entitled by the law to claim a home office or any other expense as long as it is an ordinary and necessary business expense. 

Price matterSI don't want to force a sale at this point I don't trust the seller, after misleading me about the number of permitted units, (I was disappointed but still willing to buy because it was still a good deal to me although it did need some work, which it was happy to do, I was looking for a project.)Also, never receiving the papers I asked for, which in this kind of a sale I don't feel like I was asking for anything out of the ordinary.