curiousgeorge
Junior Member
Joined: Feb 22, 2011 22:11:06 GMT -5
Posts: 131
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Post by curiousgeorge on Apr 15, 2011 6:47:13 GMT -5
Rental property in an LLC - are there tax advantages over a 1040 Schedule E?
Thanks
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cpadvisor
Junior Member
Joined: Jan 14, 2011 11:46:00 GMT -5
Posts: 143
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Post by cpadvisor on Apr 15, 2011 8:04:18 GMT -5
If it is a single member LLC, it usually is reported on Schedule E.....
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mwcpa
Senior Member
Joined: Jan 7, 2011 6:35:43 GMT -5
Posts: 2,425
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Post by mwcpa on Apr 15, 2011 9:34:10 GMT -5
there is no federal income tax advantage as a single member LLC is treated as a disregarded entity (do not believe the radio ads, remember they are advertising for a pay service)... having rental property structured in an LLC may provided limited legal benefits, check with a lawyer and get a good insurance policy....
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Post by activeonlooker on Apr 15, 2011 12:45:56 GMT -5
I agree with the others. Very, if any, limited liability, not to mention additional costs involved with filing additional tax returns if not a single member LLC. Myself, I just bought a million dollar umbrella policy - much cheaper.
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