All Forum Posts by: Barry Cooley

@Brandon Hall Do you have any input on this? Thanks for your help.

@Michael Bertsch Thank you for your input. I didn't think about any consequences of transferring the money before I did it. Hopefully there won't be an issue.

Ok all you smart BP members, I have a couple of tax questions. I'm new to real estate investing, and haven't made my first purchase yet. I have been trying to get some things in order while looking for a property. 1) Since I have not made a purchase yet, and don't foresee making one before the end of the year, will any of my expenses (such as training workshops, travel & lodging, office supplies, etc.) be deductible on my taxes? Will the business even be considered a business until I make a purchase? I have opened a Sole Proprietor business bank account for the business. 2) When I opened the Sole Proprietor business bank account, I transferred several thousand dollars from my personal bank account into the business account to have money available if I found a good deal. Will this money be considered business income? Thanks in advance for your help. I realize these are newbie questions, but that's exactly what I am. Thanks again.

@Kasia I.

Kasia, I have registered a business name, but haven't formed the LLC yet. However, I will be the registered agent, since I am the only one involved with the LLC.

@Matt Horwitz

Thanks again Matt. You have been most helpful!

@Matt Horwitz

Matt, when reserving a business name, do you add the LLC as part of the name on the request?

@Colleen F.

Colleen, thank you for this information. You have all been very helpful!

@Matt Horwitz

Wow Matt, you are the bomb! Thank you so much for this information!

@Rachel H.

Rachel,

I certainly hope that I'm in for the long haul. Thank you very much for your input.

@Irina Belkofer

Irina, Thank you for the information. I have decided I am going to apply for LLC online.