All Forum Posts by: Bryan Wilkerson

Yes it said as default would classify as partnership or file a form for entity or form for s corp. But i just want to make sure if I continue  on and it classifies me as partnership when I go and find my cpa he don't tell me it was a mistake and it's not easy to change or can't change . I'm still trying to find a cpa but nobody will talk to me till may. Just don't want to back myself in a corner and cost myself  later.

I'm going to try and give as much info I can think of. Me and my dad are going together on our first flip .we close on house on couple weeks. I'm getting a small investment loan from relative he wanted me to start some kind  of llc or similar  to loan too. I got the llc . My most pressing  ? is when I go to get ein number from irs so we can open a banking account it ask for llc or partnership . If I do llc it ask how many members when I say 2 it tells me I need a partnership. If I try as a partnership it won't let me put business name with llc on it. I have to meetings set with local cpa's but not till may (tax time) at earliest.  Don't want to do this wrong but need to open an account now. I'm thinking we need an llc maybe tax as s-corp . But I need some advice we are going to be doing maybe 1 or 2 flips a year starting out . Thanks for any help if you know a good cpa with real estate experience let me know I'm in oklahoma. 

Yes I still have a regular  income coming in. I've always worked part time with my dad doing painting and remodeling  ( mostly painting). But he finally talked me in to going full time with him . But it really opens the door for house flipping which is what I really won't to do. Just wanted to make sure I wasn't just throwing money away taking a lump sum and paying taxes and penalties if I didn't have to.

Yes I still have a regular  income coming in. I've always worked part time with my dad doing painting and remodeling  ( mostly painting). But he finally talked me in to going full time with him . But it really opens the door for house flipping which is what I really won't to do. Just wanted to make sure I wasn't just throwing money away taking a lump sum and paying taxes and penalties if I didn't have to.

I'm about to hopefully start my future with flipping houses. I recently quit my job and want to use my retirement to start. It is not alot about 30k and will need all of it plus my savings  to do it. I've read alot of options other than cashing it out and paying all taxes and penalties.  I can't do Roth Ira or solo 401k because I need all the funds not 50%. And I will be doing most of the work myself on the house. Since I need all I can of my retirement  and will be using part of my personal funds I'm not sure which or if any Ira accounts I can use. Thanks for any help.