Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime
Short-Term & Vacation Rental Discussions
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated 11 months ago on . Most recent reply

User Stats

15
Posts
12
Votes
Kyle Westerman
  • Investor
  • Raleigh, NC
12
Votes |
15
Posts

LLP or No LLP

Kyle Westerman
  • Investor
  • Raleigh, NC
Posted

We bought our property back in January. Our goal is to buy a property a year so I thought it was a good idea to open a LLP to manage said properties.

recently we discussed this with an accountant and he said there weren’t tax benefits to this right now.   He said we’d have to do schedule k rather than schedule e. The property is a 2nd home for us. I planned to move it into LLP after a year due to Freddie Mac restrictions.

I've done my own research and seems the rates are worse then what I'd get as a 2nd home for LLP. I'm leaning towards getting rid of LLP we opened. We have the umbrella insurance to cover home based on the research from this forum. Right now I think it's a good idea so we can claim the rental revenue as income.


So I’m looking for advice from experienced investors. Please let me know your thoughts. 

Loading replies...