Rental Property LLC Tax Benefits - Pros & Cons of using an LLC for real estate

Рет қаралды 59,252

Күн бұрын

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#LLC #taxes #rental #property #real #estate

Пікірлер: 65

@shantryce375 3 жыл бұрын

Ive been waiting on this info. Thank u

@wangdaktagsar8840 3 жыл бұрын

Thank you so much great informations!

@manyourcoolchris Жыл бұрын

Super helpful. Thank you!

@fransiscovilla5113 Жыл бұрын

Thank you for the clear explanation.

@sn455 2 жыл бұрын

Excellent chart at 5:00 explaining Single member LLC!

@rakumarudu81 2 ай бұрын

I really love your slide work and teaching

@JanetteIsCool 3 жыл бұрын

I enjoy the way you teach. Thanks for this!

@shomodjsav 3 жыл бұрын

You’re awesome!

@melodyn6419 2 жыл бұрын

So do you recommend put every house under different LLC, or all houses under one LLC? If single member only.

@keung3402 2 жыл бұрын

Very useful

@Rocave64 2 жыл бұрын

Hi there, my name is Benito Castro. I live in Cumming, GA. I looked at several of your videos.I will be receiving an inheritance next month and want to work full time in real estate investing. Is it possible to have a one on one to see how we (my wife and I) access your services?

@mariasalmeron532 Жыл бұрын

I bought and apartment under an LLC to renovate and rent it through Airbnb. We are almost done with renovations and there is a possibility to rent it to a tenant. Would it be considered as a business or as an investment if a rent it to a tenant for tax purposes? I would like to take advantages of the start up cost and business deductions

@azharuddinshaik7204 Жыл бұрын

You are awesome…. U missed the insurance part that you promised at the end 😂😁 But I begin journey with you…

@sarahgeorge6914 Жыл бұрын

I am interested in the real estate crash course and can't seem to find it. Could you point me in the right direction?

@SplashyCannonBall Жыл бұрын

If I wanted to rent a home to a family member while I also own my own home, is this a benefit?

@davetullis 4 ай бұрын

Fantastic presenter !

@josephhandy5479 2 жыл бұрын

HOW DO I CONTACT YOU FOR A 1 ON 1? I HAVE A FEW PROPERTIES IN LLC'S AND I NEED SOME HELP THIS YEAR?

@AbeFroman-zx5hs Ай бұрын

Wow. You are a breath of fresh air. You actually understand the accounting/tax implications. Lawyers do these things and they are clueless on the intricacies. In my case the i would be foolish to add members (siblings) to the LLC. Complete trust between the three. I agree. I think insurance should be enough to cover liability. Bravo again!!!! Plus you’re quite attractive. 😉 Question: due to MAGI I won’t be able to offset any losses from the rentals. Will I be able to defer those loses when MAGI returns to an acceptable threshold (in 2 years). Currently Maximizing Roth conversions before tax rates go back up. Thanks!!!

@idbountyhunter 2 жыл бұрын

It would be beneficial to rent the house from your LLC because the LLC can write off everything the rental house needs.

@paul-e8622 Жыл бұрын

you can do that without an LLC but it protects you from liability

@businessfinancecoach Жыл бұрын

No! That has nothing to do with the LLC - You get to right off all expenses for a rental ALREADY!!

@sreejithmohanv85 2 жыл бұрын

I'm on a work visa in USA. I have two homes. I want to rent them out. Can I make a llc and put my home and rent it out.

@chadwillman3555 Жыл бұрын

What would be the reason when i was looking at a 20 unit housing building for ownership to contact. . I came across the names of the tenants occupying each unit with dates i assume tax requirements the owner owns must declare his or her rental income. The problem i am having is why the names of the tenants were names i knew in the area that I have never heard of the building and never rented or stepped foot inside before. Why would they put peoples names that the person listed was not even aware of? and why not the real tenants??? I saw my uncle who had lived out the state years listed as an occupant. What tax break or scam was being used there.....Respectfuly Chad

@Aphex96. 3 жыл бұрын

i really appreciate you sharing your knowledge, its so appreciated. please keep it up!

@glennstarin3385 Жыл бұрын

Hey Janette very informitive ....thanks for the info.... btw...nice nails....

@CrabbyE8 25 күн бұрын

Question: if you go with a single member LLC wouldn’t all of your profits be subject to FICA?

@janellesapiel5768 2 жыл бұрын

How do you pay yourself with an LLC through rental properties? I understand you can’t just distribute money to yourself, so I’m unsure on how to go about that. I am just starting out, trying to get everything in order before my first purchase.

@haileysykuta2304 Жыл бұрын

Don’t think about it too much your your own business you pay yourself

@Jrbrass 2 жыл бұрын

Appreciate your site, I've learned quite a bit. Question: Is there any benefit of transferring your home into a LLC and then renting your home to your self? Another wards paying yourself rent every month?

@AlahjeLLC 2 жыл бұрын

Im learning as well as you are, but with proper bookkeeping, your LLC would have positive cash flow that looks good to investors/bankers for future investments

@businessfinancecoach Жыл бұрын

Hi there! No, there would be no benefit to this! Don't listen to anyone who tells you otherwise - they are just telling you what you want to hear! :) PS - The reason there's no benefit is because you would report the rental income for taxes for the LLC and then you get no deduction for your personal home.

@businessfinancecoach Жыл бұрын

@@AlahjeLLC No, it wouldn't make any difference because they already have that income. For LLC businesses, they are looking at personal income anyway so no benefit.

@9thebigcool Жыл бұрын

You would lose in the long run. In the US if you sell your home you don't have to pay capital gains taxes as long as you use the funds to buy another home.

@instaccountant 2 жыл бұрын

The way you teach was soo good. I really enjoyed it. 👍

@jimross2101 2 жыл бұрын

LLC won't necessarily protect your assets if you are proven to be grossly negligent. A judge can still pierce the corporate veil and collect. Additionally, some lawsuits are thrown out as frivolous. Correct that umbrella liability insurance is 100% required. Staying with Schedule E filing is the most profitable way to be taxed.

@businessfinancecoach Жыл бұрын

Agree - except LLC doesn't change the taxes. The nature of the real estate activity does.

@anastasiowilma 3 жыл бұрын

LLC with rental apartment. if we file with 1065 can we not take a salary but keep the rental money in the LLC business to use for maintenance repair and cash savings. How do we file comes tax time. Thank you.

@anastasiowilma 3 жыл бұрын

LLC with multi-members

@businessfinancecoach 3 жыл бұрын

You are always taxed on Net Income from the rentals - regardless of any entity you choose. The flip side is that you are not necessarily taxed on what you withdraw. (you aren't taxed again, only if you withdraw more than your "Basis" which is everything you as an owner has been taxed on) LLC is taxed as a partnership, if you search "Partnership" and check out other videos on my channel (& on "Paying yourself") they go deeper into how this works.

@CacheCropp 5 ай бұрын

Can I form a LLC to re-model a house I already own with the purpose of renting it? And write off the associated expenses?

@businessfinancecoach 5 ай бұрын

You can form an LLC for the property and move it into the LLC - remodel and renting it are associated activities

@christineyoung4349 2 жыл бұрын

So if you have 10 property you have to have 10 bank account and 10 different credit card?

@kaylawilliams1859 2 жыл бұрын

That's the safest way because everything is separate but you can put two houses in one but they can be soufht after if you are sued

@hermanchan6260 Жыл бұрын

And you can have 1 LLC working as the property management company for the portfolio and all transactions go through that.

@businessfinancecoach 5 ай бұрын

If you have 10 LLCs (one for each property) than yes you should use separate bank/credit cards

@hou26guy 5 ай бұрын

Or 1 llc and each property on each land trust of its own

@theofficialgaro Жыл бұрын

How to use the LLC if the property is under a person's name? (When the lender does not allow to put the property under the LLC)

@businessfinancecoach Жыл бұрын

Then it's not owned by the LLC

@JolitaBrilliant 5 ай бұрын

There is difference it tax - if you have LLC partnership you’ll pay extra tax filling fees as it needs additional form

@businessfinancecoach 5 ай бұрын

Correct - I talk about that, specifically for married partners it creates a lot more work for the same exact outcome

@elitegt23 3 жыл бұрын

Do you do 1 on 1 business coaching?

@businessfinancecoach 3 жыл бұрын

We have a program "Master Your Accounting & Taxes".... but I do 1-on-1 business coaching only for businesses with an environmental/social mission

@miguelmagallmm 3 жыл бұрын

How Does anyone pay himself in a rental LLC?

@businessfinancecoach 5 ай бұрын

You don't. your pay is the net income, just like it is without the LLC

@gbuggy006 2 жыл бұрын

The tax assessor just told me that putting my rental property into an LLC & adding my daughter to title would trigger a 100% reassessment of the property. So my $2800 property taxes just went up to $10,700.

@businessfinancecoach 2 жыл бұрын

Local property rules effecting local real estate taxes - thanks for sharing!

@gbuggy006 2 жыл бұрын

@@businessfinancecoach my attorney is helping the assessor’s office on how our LLC is structured. Seems that should’ve never happened.

@VinhPham-hz8ny 3 ай бұрын

the legal is so messed up where people can just sue like that where you have to do LLC just to protect yourself

@businessfinancecoach 3 ай бұрын

you don't have too and it rarely happens

@businessfinancecoach 3 ай бұрын

you get insurance - for most people the LLC is overkill and driven by fear

@VinhPham-hz8ny 3 ай бұрын

@@businessfinancecoach thank you very much for the knowledge. Yes, it is by fear that got me researching into LLC because I worry that working as 1099 will put my family assets like our home and rental at risk.

@chadfungus 10 ай бұрын

It's better to just not use it

@billytheweasel 3 жыл бұрын

We're married filing jointly in a community property state, so will file as a _disregarded entity_ instead of a partnership on our yearly IRS taxes. Do we need to declare this somehow before April tax time?

@tax-modern 27 күн бұрын

No, you can just disregard the LLC and file your Schedule E as if the LLC doesn't exist in that case.