Buying a property as a sole prop

Buying a property as a sole prop

Member since 2020 · 4 posts · 1 vote

I want to know if it makes sense to buy a rental property as a sole prop, would it help me when i file taxes as i may be under loss based on income from property may be less than expenses

0Reply
11 views

1 Reply

Jump to latestLatest
  • Morris County, NJ · Member since 2020 · 5k+ posts · 2k+ votes
    6y

    @Madhur Dhawan

    Purchasing properties under a legal entity only really provides asset protection (at a whole bunch of costs). So, whether you do it under your personal name (i.e. sole proprietor) or under a legal entity (e.g. LLC), your taxes will look the same.

    Thats the short of it.  Does that help?

Join the conversationCreate a free account to reply, vote on answers and follow this thread.