Should i show all rental income as my company income or personal
Hello all,
I want to know what are you all doing in regards to showing income through LLC. I have all my properties using loan so they are in personal name except 1 which is under my LLC because i paid cash for it.
It time to do my taxes and I want to take a business / commercial loan in 2017 for buying more properties. Having said that, do i need to show more cash flow for my 2016 business tax returns or personal rental income is okay?
Few more details:
I collect all my rents through my business bank account;
All my expenses like repairs are taken out of the same business account.
I want to know if it would be better to shows all income of the properties as a business income on the business tax return and then pass the profits to me or should I just use the rental incomes on personal tax return ?
1st i want to know if this would be legal or not.
Then here is what i am trying to accomplish :
1. Show all rental income as business income
2. Deduct all expenses
3. Keep a portion of it as management company fee
4. Pass the rest of the income through my S-corp
Would this help me get a commercial loan ? Any suggestion would be great