Jeremy Chaudet
Owning property in personal name and having tenants pay LLC
Hello,I have one property in an LLC and the rest in my personal name. The property in the LLC happens to be managed by a property manager so they pay the LLC. The rent for the rest of my properties in my personal name...
Robert Burns
Tax Deductions
I've recently had my accountant do my 2008 income taxes and I was surprised that he informed me that I could not take deductions for my real estate investment training that I purchased in 2008. A big one was the Rich...
DJ Cummins
So, I am being fined by the IRS. Do I have any options?
Good morning everyone,So last night I got a letter in the mail saying that our business tax returns were never received, and my wife and I are each being fined $195.00. We own 3 different LLC's, and Mailed all 3 retu...
Tricia O'Brien
Does Property Manager Needs W-9 for tax reporting?
I have rental property income from one single family home. I have always reported the rental income on Schedule E ("Supplemental Income and Loss") form with the IRS and not schedule C because I hold title in my o...
Ryan E.
Business Structure for holding/managing properties
In the past I've held properties in my name and received rents in my name at a generic mailbox and never had a problem. Also, I have umbrella policy that covers additional liability exposure for my properties. Now I...
Account Closed
Tax impact on Hard money - refinance - selling property
Hi, I have purchased a 3 unit multi fam property under LLC (50/50 partnership husband and wife in NJ which is Non-community state) and financed (100%) through hard money lender(personal guarantee). After the rehab was...
Account Closed
Real Estate Ratios & Statistics
Hi everyone,Quick question, when you calculate ratios such as cash on cash return, or even when calculating the cash flow potential of a property, do you calculate them post tax? Because I've seen quite a few calculat...
Patrick J.
S-Corp Filing Extension
If you elect an extension for S-corp, would you just estimate your K-1 for your tax return and then be forced to file an amendment after you complete the 1120s?
Mary Jay
Each LLC (entity) files its own tax return
Hi guys,Can anybody explain to me please this...Ive heard from one RE investor, who owns about 300 properties, that his accountant files a separate tax return for each LLC/trust, etc (if I understood him correctly)......
Trist Baylon
BEST TAX STRATEGY with W2, LLC and Partnerships!!!
Hi guys, need help with our tax returns. We've been going back and forth with the lender and our accountant. We do have LLC; two houses in Huntington Beach with ADUs, STR in Big Bear under our name and our LLC and tw...