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In Ohio, what entity type should be selected to hold real
In Ohio, what entity type should be selected to hold real estate assets on behalf of an IRA ? We have an IRA that we are going to allow the IRA to own an entity, as an asset that owns real estate.… read more
Lev
Lev
Tax Advisor
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Lev Question on an LLC that hold real estate only, not taxes
Hello LevQuestion on an LLC that hold real estate only, not taxes as an S-Corp or Partnership. Owner of the Real Estate Purchased the property to start a business in it. The property was renovated and… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
34,271 satisfied customers
I have a question on checkbook IRA's. I was planning on
I was planning on creating a multi-member LLC in New Jersey with two members, my 401K Retirement Fund (65% of the funds) and my wife's SEP-IRA (35% of the funds). My wife and I would be listed as managers of the LLC on a 50/50 % ownership. All this to be under a Checkbook Self-Directed IRA for the main purpose of investing in real-estate backed loans. Is this possible? If not, how should I proceed? I was planning on creating a multi-member LLC in New Jersey with two members, my 401K Retirement Fund (65% of the funds) and my wife's SEP-IRA (35% of the funds). My wife and I would be listed as managers of the LLC on a 50/50 % ownership. All this to be under a Checkbook Self-Directed IRA for the main purpose of investing in real-estate backed loans. Is this possible? If not, how should I proceed? … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
Robin, Could you please tell me what is CPSK tax? I'm in
Hi Robin, Could you please tell me what is CPSK tax? I'm in Pennsylvania and own a single-member LLC (not S-corp). Thanks so much, Tuli … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
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I purchased a rental home in 2016 I made soon money is it
I purchased a rental home in 2016 I made soon money is it too katerribly to establish a LLC and file this rental income on a Corporate income tax return?… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
13,595 satisfied customers
Real estate was purchased by one LLC in 2014 and then
Real estate was purchased by one LLC in 2014 and then transferred to another LLC in late 2016. What is considered the asset acquisition date of the real estate for the other LLC - 2014 or 2016?… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
34,271 satisfied customers
How to set up an LLC that would be designated as the owner
How to set up an LLC that would be designated as the owner of other single member (operating) LLCs, the holding company LLOC files a single tax return which reports all income and expenses from all of… read more
Lane
Lane
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Doctoral Degree
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Rcv'd notice failure to fail tax return Type CPSK,
Rcv'd notice failure to fail tax return for Tax Type CPSK, CNIT, LOAN for 2013 and CPSK and CNIT for 2014. What are those taxes and what forms are needed? … read more
Robin D.
Robin D.
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I have a client that has 2 LLC's, one is an operating
I have a client that has 2 LLC's, one is an operating business and one is a rental real estate holding company. They are currently being taxed as S Corps for 2015. For 2016, she would like them both r… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
34,271 satisfied customers
I understand that in a self-managed Roth IRA, you can invest
I understand that in a self-managed Roth IRA, you can invest in real estate via an LLC that holds the real estate? If this is correct, can the LLC be also owned/managed by the Roth account holder as a… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
13,595 satisfied customers
i would like to purchase a home that i will not live in for
i would like to purchase a home that i will not live in for investment purposes. The property cost is $190,000.00 and I have an IRA worth $80,000.00. Can i create a self directed IRA for the property … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
13,595 satisfied customers
How can I withdraw money from my 401k and turn it into an investment
How can I withdraw money from my 401k and turn it into an investment IRA and purchase rental properties?… read more
Lev
Lev
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Bachelor's Degree Equivalent
34,271 satisfied customers
I currently have a self-directed IRA that is a participating
I currently have a self-directed IRA that is a participating member in an LLC that used self-directed funds to buy real estate investments; the other member is the custodian for the LLC. I currently h… read more
Anne
Anne
Master Tax Preparer
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I am planning to buy an apartment that I believe will be worth
I am planning to buy an apartment that I believe will be worth more in the future, therefore qualifying as an investment property with my IRA funds. I am merely trying to use my IRA funds to purchase … read more
Lev
Lev
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Bachelor's Degree Equivalent
34,271 satisfied customers
Question about how self-directed IRA works. Suppose I have
Question about how self-directed IRA works. Suppose I have $50k in my traditional IRA, i roll it over to a self-directed IRA. I set up an LLC and puts $10k into it. Then I instruct the custodian to in… read more
MequonCPA
MequonCPA
CPA Firm Owner
Master's Degree
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I have a real estate situation where I and a partner own several
I have a real estate situation where I and a partner own several million dollars worth of commercial and industrial land in an LLC 50/50. I have an opportuntiy to build some new buildings for waiting … read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
34,271 satisfied customers
I HAVE A SINGLE MEMBER LLC OWNED BY SELF DIRECTED IRA. THIS ...
I HAVE A SINGLE MEMBER LLC OWNED BY MY SELF DIRECTED IRA. THIS LLC HAS IT''S OWN TAX ID NUMBER.... NO ONE SEEMS TO KNOW HOW TO DO A TAX RETURN FOR THIS COMPANY... THE IRS SAID TO XXXXX SCHEDULE C ON A… read more
Jon Andrews
Jon Andrews
CPA
3,038 satisfied customers
An investment property has a title of a partnership company ...
An investment property has a title of a partnership company - (not an LLC) - A mortgage company wants to refinance the investment property, but the lender will only allow the title to be in the owners… read more
Jon Andrews
Jon Andrews
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