How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Wallstreet Esq. Your Own Question
Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
Satisfied Customers: 577
Experience:  10 years experience
Type Your Tax Question Here...
Wallstreet Esq. is online now
A new question is answered every 9 seconds

Pearl. I have a passive investment property in my name

Customer Question

Hi Pearl. I have a passive investment property in my name (not in an LLC) that I've owned for 12 years. I am also a member of a tax lien LLC that soon will be taking possession of foreclosed properties. Will that flipping/'active' nature of that LLC impact my passive status on my investment property?
JA: The Accountant will know how to help. Anything else I can tell the Accountant before I connect you two?
Customer: Nope. Thanks.
JA: I'm sending you to a secure page on JustAnswer so you can place the $5 fully refundable deposit now. While you're filling out that form, I'll tell the Accountant about your situation and connect you two.
Submitted: 6 months ago.
Category: Tax
Expert:  Stephen G. replied 6 months ago.
What type of property is it that you've owned for 12 years? Residential or Commercial rental property?