Updated over 1 year ago on . Most recent reply
Wondering how to minimize taxes owed to IRS from rental properties
We have 3 rentals, and Turbotax says we made about $27k off the 3 combined last year, so I ended up having to pay the IRS $8k. Currently the tenants pay us directly to our bank accounts.
Would we owe less if we set up an LLC (s corp?) and had the renters pay the LLC? Open to any ideas.
We live in Texas but all the rentals are in Washington state, if that matters.
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Basit Siddiqi
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Basit Siddiqi
#2 Personal Finance Contributor
Tax & Financial Services
Pro Member
#2 Personal Finance Contributor
- Accountant
- New York, NY
your properties are showing $27,000 taxable income after all expenses?
If that is true, and the properties were recently purchased, I have double that its being done correctly.
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