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Is there any tax consequence to transfer RE from one LLC to
Hi, is there any tax consequence to transfer RE from one LLC to another LLC. Both LLC have the same members with the same percentage ownership in each LLC … read more
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I have LLC active business and I've purchased a car in 2017
I have LLC active business and I've purchased a car in 2017 that is used for both personal and business use. I would like to depreciate the business use of it. Considering sec179 and standard deprecia… read more
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I am 50% partner in an LLC, taxed as partnership (form
I am 50% partner in an LLC, taxed as partnership (form 1065). The other 50% partner is my friend. This LLC's only assets were 2 single family houses, which we rented out. In 2016 we have sold both of … read more
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I have a SMLLC that owns self-rental properties and the 100%
I have a SMLLC that owns self-rental properties and the 100% owner of the SMLLC is an S Corp. The S Corp is not in the main business of real estate. Should I be reporting rental income on Form 8825 di… read more
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What are the tax implications of transferring property into
What are the tax implications of transferring property into an LLC. If the property is later sold within the LLC on what value is capital gains determined. Property is a farm in kentucky… read more
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Info: 4 of us want to buy a duplex family home under our
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Lev
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I have two rental properties in South Dakota, I live in California.
I have two rental properties in South Dakota, I live in California. I am preparing the final tax return for the LLC that held the properties until December 29th 2014. In showing disposition of the pro… read more
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Lev: A multimember (4 members/two married couples) LLC was
Lev: A multimember (4 members/two married couples) LLC was formed in 2013 but its one owner-member bought a condo in his own personal name (NOT in LLC name). There is no mortgage interest as there was… read more
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Hi, Im a florida landlord, and I own residential rental
Hi, I'm a florida landlord, and I own residential rental properties through an LLC. It is myself and another managing member that are on file with the Department of State. We were able to depreciate t… read more
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I will preface my question, with yes I should have done my
I will preface my question, with yes I should have done my homework. That is why I am here I guess. In 2012 I decided to purchase several single family homes (two for rental and one for resale) along … read more
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My brothers and I inherited a home from my mother 3 years ago.
My brothers and I inherited a home from my mother 3 years ago. It was a rental property for her and we have continued to keep it a rental property. We currently deduct the mortgage interest from the f… read more
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Hello, In Sept 2012 my husband and I purchased a Condo with
Hello, In Sept 2012 my husband and I purchased a Condo with 5 other couples. We created an LLC and 2 couples have 1/4 share and 4 couples have 1/8 share. It was rented one time between Sept-Dec ($550)… read more
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I have another one for you... How do I structure an LLC
I have another one for you... How do I structure an LLC to optimize for tax? It needs to be 'member managed' and I will share in the investment decisions with my friend. Is there anything I should kno… read more
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I have a general question about LLCs. I would like to place
I have a general question about LLCs. I would like to place my real estate investment properties in to an LLC which would have an additional member other than myself. In additon, I would have another … read more
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The rental property located in Oklahoma became too much travel
The rental property located in Oklahoma became too much travel from home in Michigan. In March I signed a Quit Claim Deed to my Brother who lives in Ok. How do I report this? It was depreciable on MAC… read more
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Individual owns a personal residence worth $250,000, purchased
Individual owns a personal residence worth $250,000, purchased for $100,000 and now the mortgage is paid off. Individual wants to create an LLC in NJ and sell the residence to the LLC for a nominal su… read more
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A Multi Member LLC start up company with two members, taxed
A Multi Member LLC start up company with two members, taxed as a partnership, had no "business income" in 2010 but did have ordinary and ncessary expenses of roughly $10k. In addition, they did tradin… read more
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Last year (2004 tax year) we had rental income that was ...
Last year (2004 tax year) we had rental income that was reported on our personal taxes. In 2005 we formed a LLC and transfered ownership of the rental property to the LLC. How do we address that on ou… read more
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