Tax attorney for LLC set up with real estate experience

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Tax attorney for LLC set up with real estate experience

Duke Giordano
Investor · Passiveadvantage.com · Member since 2019 · 166 posts · 91 votes

Hey Guys,

Do you have any experienced tax attorneys in real estate that you recommend for setting up a proper LLC for RE investing and Asset protection? I am actually going to be investing mostly as an LP in multiple syndications/notes funds etc., and I am aware it may not offer much tax benefits but considering it for anonymity purposes in addition to keeping tracks of gains/losses annually etc. In addition, if I begin to become more involved, I may want to consider writing off expenses associated with RE such as traveling to site of the possible syndication, conferences, meet ups etc.

Thanks 

Duke

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  • Alina Trigub
    Rental Property Investor · Glen Rock, NJ · Member since 2015 · 3k+ posts · 2k+ votes
    7y

    @Duke Giordano From anonymity perspective, this makes sense. As for the taxes, this won't provide any tax benefits as your LLC will be treated as disregarded entity.

    There are several asset protection attorneys circulating on BP. You can search for them via BP search. 

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  • Basit SiddiqiBusiness Member
    Accountant · New York, NY · Member since 2015 · 8k+ posts · 3k+ votes
    7y

    @Duke Giordano

    Ordinary and necessary business deductions for a trade or business are deductible regardless if you have an LLC or not.
    You should also determine if attending conferences, meetups would be deductible for an investor who is an LP investor.

    Individuals are no longer entitled to investment expenses as an itemized deduction.
    Partnership agreements for the syndication likely won't mention being able to write off expenses related to travel of LP investors.
    You also may not be in a trade or business if you are simply investing as an LP.

    [email protected]917-280-8544
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  • Roni E.Pro Member
    Specialist · Earth 2.0 · Member since 2019 · 598 posts · 271 votes
    7y
    Originally posted by @Duke Giordano:

    Hey Guys,

    Do you have any experienced tax attorneys in real estate that you recommend for setting up a proper LLC for RE investing and Asset protection? I am actually going to be investing mostly as an LP in multiple syndications/notes funds etc., and I am aware it may not offer much tax benefits but considering it for anonymity purposes in addition to keeping tracks of gains/losses annually etc. In addition, if I begin to become more involved, I may want to consider writing off expenses associated with RE such as traveling to site of the possible syndication, conferences, meet ups etc.

    Thanks 

    Duke

    This is not legal or tax advise. You can get pretty unique with structure a Nevada LLC which is owned by a Wyoming LLC. I would first speak to your CPA understand where you tax liabilities and then see if maybe putting things into a trust or TBE. The more intricate you get the more monthly costs, yearly fees and then every time to do something there will be a legal fee. I would try to follow the KISS method Keep It Simple Stupid.

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  • Costin I.
    Rental Property Investor · Round Rock, TX · Member since 2016 · 1k+ posts · 971 votes
    7y

    @Scott Smith must be one to consult with.

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