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I hold 2 private financing notes for properties I sold. Can…

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I hold 2 private financing...
I hold 2 private financing notes for properties I sold. Can I form a single member LLC and transfer private financing notes to LLC?
Interest on notes would then be LLC's income.
Could I then pay for single member’s healthcare insurance through LLC?
Also, do all profits from LLC need to be passed through to single member’s tax return yearly, or can they be allowed to remain in LLC (unrecognized) and be passed through to member’s return in later years when more tax advantageous?
Submitted: 4 months ago.Category: Tax
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Answered in 16 minutes by:
12/11/2017
Tax Professional: PDtax, Certified Public Accountant (CPA) replied 4 months ago
PDtax
PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 5,011
Experience: 35 years tax experience, including four years at a Big 4 firm.
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Customer reply replied 4 months ago
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Tax Professional: PDtax, Certified Public Accountant (CPA) replied 4 months ago

1. You can transfer the notes to your LLC tax free. Income would then be LLC income.

2. I believe you have to be an employee to get health insurance that way.

3. You can elect c corp status for your LLC, and the LLC parts its own tax. You would not report any income from the LLC other than your wage.

Thanks for asking at just answer. Positive feedback is appreciated. I'mCustomer

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