All Forum Posts by: Fulton Sanchez

Before rushing to gift the properties and pay a huge gift tax bill in addition to the future capital gain tax you will pay when you sell the property if there is substantial appreciation. It's better for the owner to keep the property until his death so you can take that basis (purch price + addtions+ etc). In the mean time you can put the property in a trust with retained powers and save both in gift tax and capital gains tax.

Quickbooks online is better to sync with your bank accounts so evern easier to reconcile. Just need to assign the accounts at the end of each month. 

Welcome and many success with your investments.

Will be glad to help from sunny Miami. Currently working with RE investors both commercial and residential.

Hello BPs found this nice web place. Glad to connect.

Agree with Dave. But before deciding talk to the attorney and CPA first and have them talk to each other. PM if you have CPA questions or post them here.

Scott is right to the point. Any question PM or post it here and I will be happy to help you from a CPA pont of view.

I with be glad to help you with your tax questions. We help RE investors with offshore investments. PM.

Use a LLC for your rentals. Easy to handle for RE investors. PM if you need CPA RE tax advice.

For LLC two members you are a partnership. You can electrónico to be treated as S Corp AND keep being a LLC. SCorp election does not change LLC company structure.

Do not put your kids as members. You don't want them face liability or file taxes as they own for the profits of the company.

If you are one member LLC just get insurance and report on personal tax the income as expense on schedule E.