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Tax, SDIRAs & Cost Segregation

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38
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Steve J.
  • Rental Property Investor
  • Atlanta, GA
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38
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Should I create an LLC?

Steve J.
  • Rental Property Investor
  • Atlanta, GA
Posted May 28 2020, 18:00

Hello BP,

I am house hacking a single family and living in the basement. I hired a PM for the top unit, and they are requesting my social to report my rent income so it can be taxed. Since I am house hacking and this is my first property I didn't consider opening an official business such as an LLC. However since the PM is saying it's required I'm wondering if I should do that now so at least I can write off some expenses. Should I push back on the PM since it's a house hack or should I look into forming an entity now? Any advice would be appreciated here.

Thanks

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