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 Rakhi Vasavada Your Own Question
Rakhi Vasavada
Rakhi Vasavada, Financial and Legal Consultant
Category: Finance
Satisfied Customers: 2607
Experience:  Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years
Type Your Finance Question Here...
Rakhi Vasavada is online now
A new question is answered every 9 seconds

Is this a pop up or is a real person monitoring this?

Customer Question

Is this a pop up or is a real person monitoring this?
Submitted: 1 year ago.
Category: Finance
Expert:  emc011075 replied 1 year ago.

Hi John. Yes, there's a life person most of the time. How can I help you.

Customer: replied 1 year ago.
Will my question be published for anyone to see?
Expert:  emc011075 replied 1 year ago.

Yes. This a public forum. Our conversation is public but your identity is not. Your personal information are not revealed.

Customer: replied 1 year ago.'s the deal. I purchased a short sale multi family apartment building for $70k Jan 2016. The idea was that my cousin was going to renovate and rent the units...I was just the initial money man. He got sick, I had to hire a company to renovate. It costs me $130k. Now, I have to decide to sell the building (probably $175k) at a loss or let someone else manage it for me. I have a one person LLC. I've thought of moving the building to the LLC
Customer: replied 1 year ago.
I have $200k in the building. Tax wise is it better to take the loss...I have stocks I can sell to absorb part of the lossOr, transfer property to LLC with mortgage of 200k, add additional member who wants to share in monthly earnings and future profite?
Expert:  emc011075 replied 1 year ago.

Moving the building into LLC will not make any difference on your taxes. Single member LLC is disregarded entity for tax purposes, not a separate entity like a corporation. If you sell it with a loss you will have short term capital loss that will be limited to 3K per year. You can use the loss to offset other capital gains. Unless you are in business flipping or renovating houses, you cannot deduct it as business loss.

If you turn it into rental property, you will be able to deduct rental losses (rents - operating expenses), but the value of the property - 175K will have to be depreciated - recovered over 27.5 years.

Customer: replied 1 year ago.
I'm not able to explain using this iPad...I need to get to my computer...will be back on soon
Expert:  emc011075 replied 1 year ago.

No problem. I am currently in CT so we are on the same time zone. I am usually online until 10pm.