Updated over 11 years ago on . Most recent reply
Business Formation Survey
Hello My Name is Eric and I am going to invest in rental real estate but I need to know what type of entity to form. I believe I know the legal end of it which is to protect my assets, I think I need more help on the accounting side of it. So I went to 3 CPAs and I got three different answers. The first CPA suggested LLC taxed as an S Corp, the second CPA suggested LLC taxed as a sole proprietorship, finally the third CPA suggested LLC taxed as Partnership 1065. I do understand that rental real estate is a passive activity. My ultimate goal is to minimize my taxes so I can reinvest my money into more properties. I am really just looking for people in the same scenario that can tell me what they did.
About Me,
I live in Texas
Married with one 19 month old child
I work full time
My wife is a hard working homemaker
Questions for Survey
Were or are you in the same scenario as me?
If so what entity did you form and how are you being taxed?
Do you have a home office?
Do you manage your own Property?
Do you use your personal car for work?
Thank you for replying and participating.
Mentors welcomed I believe I can bring value to your team in the near future.