My rental property Taxes

[Brad Mooney]

Ok, So I had my sit down with my Tax girl, and was somewhat displeased. My situation: 150K in rental income before deductions. I am a sole proprietor. Question: As I continue to acquire more and more properties, Should I consider incorporating? What are the tax advantages vs. Disadvantages? What are other landlords in this rental income bracket doing? 

[Patrick Liska]

Brad, sounds like you did real well, hope you put some aside for the Tax man. Incorporating will not change your taxes if you go to an LLC. that will just give you a level of protection. you can claim the same deductions as an llc because the income is passive income. as a solo llc you are taxed the same as personal and goes on the same forms, your CPA should have informed you of that as well, if not, i would consult with her.