Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

I inherited rental properties. I got an LLC set up using an…

Customer Question
I inherited rental properties. I...
I inherited rental properties. I got an LLC set up using an EIN number with a property management who no longet works for me.Can I remove their EIN number?
legalgems
Submitted: 5 months ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 2 minutes by:
11/11/2017
Tax Professional: Tax.appeal.168, Tax Accountant replied 5 months ago
Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
Satisfied Customers: 4,558
Experience: 3+ decades of varied tax industry exp. Tax Biz owner
Verified

Hello. Thank you for choosing this Q&A service for assistance. My name is***** am prepping my response. I will get back to you shortly.

Ask Your Own Tax Question
Tax Professional: Tax.appeal.168, Tax Accountant replied 5 months ago

The EIN has been assigned to the LLC. If you plan to keep the LLC active, you can't just remove the EIN from the LLC. If there is an issue with the EIN, you may be able to request a different EIN.

-------------------------------------

In closing, my goal is to provide you with the best experience possible! Hopefully, the service that I have provided has earned a 5-star rating! Please remember to rate my service by selecting the 5 stars at the top of the screen before you leave today. Thank you in advance. If you require further assistance, use the reply box and let me know.

Ask Your Own Tax Question
Customer reply replied 5 months ago
Can I get my own EIN and attach it to the LLC?
Tax Professional: Tax.appeal.168, Tax Accountant replied 5 months ago

Yes, you can apply for your own EIN. There are several options to apply for the EIN. Refer to the link below for those options.

https://www.irs.gov/businesses/small-businesses-self-employed/how-to-apply-for-an-ein

---------------------------

Ask Your Own Tax Question
Customer reply replied 5 months ago
I am hiring another man to work for me. What do I need to do in order to write his expenses off for taxes. What records?
Tax Professional: Tax.appeal.168, Tax Accountant replied 5 months ago

Respectfully, ***** ***** question should have been asked under a different thread, it is not related to your initial inquiry regarding the EINs.

Ask Your Own Tax Question
Customer reply replied 5 months ago
When I file my taxes will this other property management's EIN number cause me a problem filing my taxes?
Tax Professional: Tax.appeal.168, Tax Accountant replied 5 months ago

Yes, there will be an issue. If you no longer want the properties to be under the EIN of the property management company, you will need to apply for your own EIN.

Ask Your Own Tax Question
Customer reply replied 5 months ago
Ok, so I will apply for my own EIN number. So how does that work, do I get my EIN attached to the LLC? And How?
Tax Professional: Tax.appeal.168, Tax Accountant replied 5 months ago

I provided you with the How to apply in one of my previous responses. Yes, you would request the EIN be attached to the LLC.

As there are a number of ways that you can apply for an EIN, refer to the following link for the How To.

https://www.irs.gov/businesses/small-businesses-self-employed/how-to-apply-for-an-ein

Ask Your Own Tax Question
Customer reply replied 5 months ago
What papers in general do I need to file my taxes? I just got divorced I have never done them, so what do I need to bring in to the tax person?
Tax Professional: Tax.appeal.168, Tax Accountant replied 5 months ago

Respectfully, ***** ***** answered your initial question regarding the EIN, plus some, and you are transitioning into more questions not relevant to the initial inquiry and have not yet positively rated my response for your initial question. At this point, I am going to opt out, release the question back into the question queue so that someone can take it from here.

Ask Your Own Tax Question
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 5 months ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 13,996
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
Verified

Hi. My name's Lane. I am a different expert.

...

I hold a law degree (J.D.), with concentration in Tax Law, Estate law & Corporate law, an MBA in finance, a BBA, and CFP & CRPS (Chartered Retirement Plans Specialist) designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, on three continents, since 1986

...

I'm going to attach a document that will give you a checklist for bringing in what you'll need. (see attached)

...

Please understand that the expert users aren't credited for the work unless you rate, using the stars ... AND that you need to ask new questions AS new questions on a new questionsthread

Ask Your Own Tax Question
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 5 months ago
Hi - I’m Just checking back in. Did my answer help?Please let me know if you need moreLane
Ask Your Own Tax Question
Was this answer helpful?
Ask Lane Your Own Question
Lane
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 13,996
13,996 Satisfied Customers
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986

Lane is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,451 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

56 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,124 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
Mother-in-law wants to sell a rental property that sustained
Mother-in-law wants to sell a rental property that sustained severe fire damage. One of 3 houses on the lot is a total loss. There is an interested buyer, but we are unsure what the value of the prope… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
My husband and I formed an LLC for Rental Property. Our
My husband and I formed an LLC for Rental Property. Our initial investment was the house we paid cash for, and we put a total of $19,000 in improvements and repairs (again our money, no loans). When f… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,066 satisfied customers
Tax Question. Taxpayer has rental property and sustains
Tax Question. Taxpayer has rental property and sustains flood casualty loss. His expenses to repair exceed the insurance payments. If this is reported on Form 4684 does this properly flow to the 1040,… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I just sold an rental property and made a nice profit. I am
I just sold an rental property and made a nice profit. I am determining my tax liability and wondered if I can include depreciation to offset my gain... … read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,066 satisfied customers
Completing taxes with rental property and keep running into
completing taxes with rental property and keep running into this error "Error or Omission: Form 1099-MISC - Invalid Other Income Selection On the Form 1099-MISC from this 1099-MISC you indicated that … read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,066 satisfied customers
It has to do with depreciation on rental property.
It has to do with depreciation on rental property. … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,124 satisfied customers
Can airfare be deducted for a schedule e rental property if
Can airfare be deducted for a schedule e rental property if it was to go and perform maintenance on the property? If so where on schedule e should it be deducted?… read more
Lane
Lane
JD, CFP, MBA, CRPS
13,996 satisfied customers
I sold a rental property holding the mortgage but will not
i sold a rental property holding the mortgage but will not receive any payment for about 1 year. how do i file the sale of this property? … read more
Lane
Lane
JD, CFP, MBA, CRPS
13,996 satisfied customers
If a decedent owned a rental property and reported on their
If a decedent owned a rental property and reported on their 1040. What happens after they die and the rental properties are still reporting income. The income gets reported on form 1041? What will be … read more
Lane
Lane
JD, CFP, MBA, CRPS
13,996 satisfied customers
If I transfer rental properties into an LLC, is it
If I transfer rental properties into an LLC, is it considered a "sale" of property on my indiv taxes? Also, from that point do I then pay taxes from the LLC for these properties and do I get the same … read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,066 satisfied customers
I have a rental property that we put into an LLC last year.
I have a rental property that we put into an LLC last year. The LLC holds the title of the property and my husband and I transferred our portions to our individual revocable trusts. Unfortunately, we … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I inherited rental property on the date of my father's
I inherited rental property on the date of my father's passing on 12.14.14. He did not have an estate, but did file a 1041 the year after his death. This was his only asset he owned at the time of his… read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,939 satisfied customers
Is there any tax benefit to depreciating a rental property
Is there any tax benefit to depreciating a rental property held in an LLC in a Solo 401k? Do I even need to depreciate at all since the balance is below $250k?If there is no benefit, is there some way… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I own a rental property under an LLC partnership. I am in
I own a rental property under an LLC partnership. I am in the middle of filling my Form 1065, 8825, 4562. I need to enter assets that I installed in the rental property in 2017. I installed a water he… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,066 satisfied customers
One of my clients sold rental property in. He is a
one of my clients sold rental property in Virginia. He is a California resident his capital gain on federal tax return wiped out with the capital losses. Does he have to pay taxes in Virginia , or obl… read more
Lane
Lane
JD, CFP, MBA, CRPS
13,996 satisfied customers
Are religious (church) non-profits required to file state
Are religious (church) non-profits required to file state and federal taxes annually? … read more
Lane
Lane
JD, CFP, MBA, CRPS
13,996 satisfied customers
Rental property entered into a LLC, when do the property
Rental property entered into a LLC, when do the property write offs start? After incorporation or for the calendar year of incorporation? … read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,066 satisfied customers
My wife inherited a piece of rental property from a
My wife inherited a piece of rental property from a revocable trust that her parents had set up after her father and brother died her mom did an amendment that made her trustee and sole heir. Her mom … read more
Lane
Lane
JD, CFP, MBA, CRPS
13,996 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x