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I'm looking to consult a tax advisor for a particular case.
I'm looking to consult a tax advisor for a particular case. I'm a foreign investor owning two LLCs in Maryland, one LLC with me and my mum as members and the other LLC with my dad and I as members. The two LLCs were registered last year and have their respective EINs. We're all foreign investors not residing in the States, I am managing the two LLCs and I'm the only member having a SSN (my dad and my mum do not). The purpose of the two LLCs is to purchase, rehab, resale and hold Real Estate property. At the moment, the LLC with my dad owns a property purchased august 2018 that's under renovation (might do AirBnB with it once completed), the other LLC with my mum owns two houses, one almost done and ready to sell in September (also purchased in august of 2018) and the other property will undergo renovation in the coming weeks and it will be a rental. All the properties are owned free and clear. So far I haven't been able to get a clear picture of my situation for tax purposes nor I have received solid information on the right path to follow.Is this something you can assist us with and clarify so we can be in the right place? … read more
Dr. Fiona Chen
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Megan, We bought a property to renovate and flip under our S
We bought a property to renovate and flip under our S corp. Its a high end property and the renovation got much more expensive than we had imagined. Its about 60% complete. We put the house up for sale as is but have not had any interest. Can we buy the property from our S corp so we can move into it as our primary residence? … read more
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We are a trucking company based in IL. For the past 10 years we have operated only through contractors, companies we have paid on a 1099. Now we would like to hire company drivers to drive our company… read more
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Thank you. My parents in Wisconsin are selling their condo,
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I currently have 3 avenues of income: day job, short term
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My mom purchased 1/3 of a vacation home for $60,000 in 08.
My mom purchased 1/3 of a vacation home for $60,000 in 08. It is in an LLC with the other 2 owners. She is selling her 1/3 to the other two owners for $60K. We just do a quit claim deed and there is n… read more
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