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Tax, SDIRAs & Cost Segregation

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Danae Meurer
  • Investor
  • Denver, CO
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Doing business through our LLC even though we own properties in our name - tax issues

Danae Meurer
  • Investor
  • Denver, CO
Posted Apr 8 2015, 19:53

I am going to try to make this as clear as possible.

My husband and I own 6 properties all in our own names.

Just this last year we got our LLC setup with bank accounts and business cards and we have been doing business with this name. However, none of the properties are actually owned by the LLC. Can we choose whether or not to file all our business income through the LLC or simply on our Schedule E? I would prefer to do it on a 1065 as a partnership, to start building tax history for the LLC, but didn't know if this is allowed.

We will be using a cpa to do our taxes but haven't gotten everything in order. I was planning on filing an extension, but didn't know if I should file one only for us personally, or to file an extension for the LLC as well.

Hoping this makes sense enough for someone to understand.

Thanks for your help!

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