What should I ask my CPA

[Aj Parikh]

I am scheduled to meet with my CPA next week. What questions should I ask him? . Below is a short summary of my portfolio.
2 rental properties in my state (VA)
1 in TN and
1 in OH

I want to create an LLC but I don't know if I should create 1 for each property or 1 per state. I also plan to start dropshipping so I want to make sure I include that as well in my LLC. What other questions should I bring up to make sure I save the most on taxes in the upcoming years?

[Linda Weygant]

The discussion regarding LLCs is one you should be having with a lawyer, not a CPA. From a tax standpoint, nothing changes when you have rentals in a SMLCC. It's still reported on the same form and taxed in the exact same way. The only difference is that you can deduct your LLC registration fees. Also, with a rental in Tennessee, you also open yourself up to franchise taxes that you ordinarily wouldn't have.

The one thing you should be ready to hear is that you should NOT mingle the passive income from your rentals with the ordinary income from dropshipping. If your lawyer advises LLC(s) for your rentals, you should not lump them in with dropshipping.