I am new to real estate. I have not yet purchased a property so do I set up the LLC now or wait until I actually have a property?
I know from previous reading/listening that you typically consider the start of a rental real estate business as the day you put your rental property on the market for rent. Is there any flexibility with this?
This recording is from the live session held on November 28, 2017. Featured Topic: Paying for Your Child’s Education
I just set up my LLC. I haven't received my debit card from the bank that goes with my LLC. I'll be doing a business trip this weekend. How do I charge as an expense to my LLC?
Do I have to file Form 2553 for my S Corporation? I incorporated in November 2012 and we plan to pass through our losses to our personal return.
When you have a Wyoming LLC that owns an Ohio LLC, which owns one rental property, do you file a tax return for each LLC separately? Does the LLC have to file a state tax return in Wyoming or Ohio?
I was talking to my CPA and asked him how I can get to my tax goal of paying less than $5,000 in taxes. He said I would have to get rid of $30,000 of income.
I recently heard you mention the Alternative Minimum Tax (AMT) and how it can reverse the deductibility of things such as state taxes. You mentioned deductions from Oil and Gas investing, but I did not catch whether these deductions would be lost under the AMT
I want to purchase a rental income property before the year is out. Would it be wise to purchase this rental property or not? Are there any tax benefits for doing this now?
I've been involved in the tax return preparation process for 30 years and I've come across many myths about tax returns.