Do I have to file for an EIN number for an LLC that I hold a multifamily property under with a partner? I am closing on the Triplex on friday and everything else is ready but no EIN, does it matter?

Our LLC bought a duplex for $70,000; is this a deductible expense that will be a write off over a period of time? As a two member LLC, would we each write off $35,000 acting as a pass thru entity, or is this a separa...

Dear all,
I have a rental property. To calculate the tax, do I use the whole mortgage or only the interest for the total expense?
Thanks for your help,
Hoang

We have an LLC holding our 10 rental properties.   My husband, single member, gave consulting advice to a friend with respect to the rental real estate business and helped him acquire properties, set up an LLC etc.   ...

In addition to property management, I do hourly work for a rehabber. Would it be better for them to send a 1099 to my property management LLC or to my personal name? Both are justifiable since I end up managing the ho...

Hello Everyone, Does anyone have any recommendations on a knowledgeable tax professional for California to help me file taxes as an individual and as a rental property owner? I purchased my first rental property this ...

I wanted to know if I'm the only one that asks this of my tax guy.Since our LLC is a "pass through" type of entity, any refund during tax season is put on our personal returns. Each year, I ask him how much of that re...

My question is regarding reinvesting profits back into additional property acquisition. If the money stays in the LLC does it still get reported as income that I will need to claim on my personal income tax? Sorry ...

I need some input on self directed IRA's.  If I bought a mobile home or other property with the IRA and collected the lease payments from a lease purchase agreement and paid the federal and state taxes would that cons...

Hi,
This sounds more like a tax/accounting question but seeing if anyone has any insight here.
My parents just completed a 1031.
Relinquished property and replacement property both under parents names.
Accountant ...