All Forum Posts by: Daniel H.

@Sanjay Gupta

The issue you have is that if the real estate was not titled in the name of the business entity - the tax documents will be issued to the social security number of the title holder.

Nominee in when you mention that you received income/deductions in behalf of someone else.
So I would do something like this on your return.
Report the income on your individual return and back it out as an equal expense and mention that it will be reported by entity "ABC, LLC with EIN 11-1234567"

This way the IRS/States know that you are not missing the information.
Then it is your job to have it reported by the business entity.
The business entity will distribute a K-1 to you with your share of the income.

Got it... I only trade in performing.. I have one associate that bought like 100 NPN.. at it almost sank him financially.. think about 100 notes in 5 states and over 75% of them needing to go through foreclosure.. the dollars just spend on attorneys doing the foreclosures were staggering he thought he could get them reperforming.. and some you can.. but my experience in the space over the last 30 years is that once people go down the default tube.. its very tough for them to break that habit.. they now know how to do it.. they will be good for a few months then bang right back at it.

So anyone buying or selling a note that is REPERFORMING should be very cautious..  there are those that buy these get 6 months payments in and then sell them like they are great performing notes... LOL...

good luck with it all. you have more energy than I do ...

@Dennis Walker  been there, done that.  my was in cook county.  on a private promissory note. We went ahead with a foreclosure action. I used Susan Barron in Northfield, Il.  Cook County is a jungle of lawsuits.  good luck. Ron