All Forum Posts by: Fulton Abraham Sanchez

Hi Molly, You've come to the perfect place. There are over 20 active CPAs here in Biggerpockets assisting RE investors with their tax planning. Make sure to reach out to one with real estate experience.

Yes, you can. When adding a second rental property to an existing LLC, you can generally deduct start-up costs and operational expenses. For accurate tax treatment and to maximize deductions, this is the best place to find answers and professional support.

Hi Jeremy. Based on your situation, you wouldn't be responsible for late fees, but there may be interest if there is a tax liability. If you haven't signed any form to e-file, your tax return is likely still pending.

If you need further assistance or recommendations for a new tax professional, this is the best place to find it.

Quote from @Phillip Murdock:

I am new to real estate investing. I was told the best thing to do was establish an LLC as I begin my venture. I plan to access some of the equity in my home, along with cash on hand, to purchase and reno property. I was not sure the legality and tax implications of using personal assets to help fund LLC ventures. I appreciate any advice you could give.

Hello, Using personal assets to fund your LLC is possible, but keep them separate for liability protection. Banks won't lend to LLCs for personal RE. Consider consulting to navigate tax implications and proper structuring.

Hi Angie, how are you? Romy Jurado attorney is the best.

 https://www.biggerpockets.com/users/BusinessLawyer

Regards

Marian Fine  Welcome! Romy Jurado Attorney (Florida) is the best!

James Krell  Hi, Romy Jurado is the best!

 Benjamin hi, how are you? @RomyJurado is the best! https://www.biggerpockets.com/...

Regards

Chris Hi, how are you? Romy Jurado (Attorney) is the best!

@Fradel Barber Hi! @Romy Jurado is the best! https://www.biggerpockets.com/...