Heather Johnston
LLC versus S Corp?
Hey everyone,I'm a newbie living in upstate New York; I visited an accountant today to talk tax strategy. When I mentioned forming an LLC for asset segregation and protection, he said that an S Corp would be the way ...
Haickel Padron
Reporting 3 flat in Taxes
Hello everyone,I have a question in relation to reporting a 3 flat or 3 unit that I have in Chicago in the taxes. I still need to create my LLC but as of today the question is the following.How should I report the 3 f...
Simone Roche
Tax Question: Rental prop -> failed renovation -> sold
Bought a rental property in LA County, CA back in April 2018. Rented until Sept. 2018. Hired contractor for renovation in May 2018. Due to unexpected increase in cost to complete renovation the renovation project wa...
Bill Cippola
Tax consequences. straight sale vs owne financing
WE are in the process of selling some land in Georgia we inherited back in 2014. We are Georgia residents. Without going into detail it was part of "gift" giving on a planned inheritance schedule below the max gift th...
Shawn Torsitano
Pass Income to Another Business to Buy Investments. Tax Evasion?
A friend and I are both starting our own painting contracting companies, and something we were both thinking about doing with our profits, if we are good enough to make high profits, is invest in real estate. But we'r...
Brent B.
Tax Planning for New Landlord
Hi BP,I began renting my previous single family residence in San Diego CA earlier this year, in May 2019, when I bought my new primary residence in San Diego. I have not set up any type of corporate entity, rental pa...
Jacob Hinchman
Tax Implications for Personal Use Vacation Rental
Hello,
I have purchased a condo to use as a short-term rental. I would like to stay at the rental every once and a while. I have read many articles about personal use, residency, and taxes. But still have some ...
Michael Botha
Tax incentives for investements agriculture vs multi family
We are interested in diversifying our investments and investing in the live animal production agricultural sector in MT and or surrounding states. We are presently considering cow/calf live stock production with the ...
Joe Szymczyk
TAX Time...Deductions needed to get income down
Hello real estate peopleI have a situation where this year i have to pay to the IRS on taxes..Situationmy AGI income is 160k....work In IT for a big corporationi have 9 houses, i maxed out the deductions...repairs, su...
Alex F.
Asset from from overseas
Thoughts on holding a property in a US LLC which is then owned by a foreign entity for asset protection from lawsuits?