All Forum Posts by: Fulton Abraham Sanchez

Jennifer, how are you? Happy New Years. If your husband is a member, then you have a partnership. You can only file Scorp if you elected it so.The benefit of him being a member is your LLC qualifies for full liability protection. Sole members LLC do not in Florida.

You should placed each property on a separate LLC even more now that you have a clean title. I would even suggest to get a credit line or an equity line so the property is lien in case of a lawsuit from any tenant. You can also do the same with a NV company that files a lien on one of the properties because NV companies do not reveal owners or partners.

If you have sole member LLCs create a management corporation so your liability is limited because LLCs are disregarded entity for the IRS and in FL they are also disregarded for the Courts.

For real estate property, FL protects your homestead for the its value. In another state a Land tust will be an option if there is specific trust lawfor that state. For personal assets you can create a trust that helps you in passing them to the next generation.

@Liz Ridgway how are you? Basis for property converted to rental the lower of basis (purchase price plus any capital improvement) or FMV at the time of the conversion. If you estimate the FMV is lower than basis, then an appraisal makes perfectly sense.

@Shawn C., how are you? For the S Corp you can only deduct the expenses related to the business and report the income received. Corporations don't have personal exemptions like individuals do.

@Shawn C. how are you? To take that many deductions you need a valida SSN for each exemption. If you are employed and get W2 you can claim on the W4 form when you are hired, several exemptions even more that the number you actually have BUT when you file your taxes you will not get a refund and maybe you have to pay taxes. 

@Tamka Brown Regarding the networking company, you can deduct expenses but related to the income that the company is producing. There is no magic taxation for this type of company. Maybe you can even take losses (more expenses than Income) but it is not sustainable on the long-term and the IRS can audit you.

@Natalie Kolodij, how are you? I meant to kept the property for over one year in 2017 to get capital gains treatment. 

@Account Closed. What is your long-term objectives is key. As a starter, choose LLC over Scorp if you have partners and shop and compare liability insurance to protect your investments.

@Avi Garg how are you? Will be happy to help you. fa at fascpaconsultants.com. Sent me please an email with your questions.

You are welcome @Michael Strauss. Happy Thanksgiving

@Michael Strauss how are you? Better if you keep it for a year to sell it, otherwise you will pay regular income tax instead of capital gains tax. 

For 2016 tax year, you have an asset. It property is rented you report the rent income and the expenses. Large improvements such as A/C units, roof, etc are capitalized and depreciated. Next year that you sell it the pice purchased plus improvements will be your base minus sales price to determine capital gain.

Hit me if you have more question.

@Roxana Ruiz 

@Cory Gardner

Will be glad to help