All Forum Posts by: Ping G.

Hello,

Really appreciate advice on the two question below:

1. I currently own a LLC with my husband, which has an rental property. I just became a real estate agent. Can I perform real estate agent activities under that LLC?

2. If so, can I deduct prior year carried over rental expense loss from the agent commission I earned? E.g. I makes about $10k agent commission, and I have rental loss for $10K, which can completely offset the earning. Do I still need to pay income tax for the $10K agent fee if all the activities were performed under LLC?

3. I know people can buy a car and expense it under LLC. Any restriction on the car purchase?

Many thanks for your advice.

Regards,

Ping

Hello,

Really appreciate advice on the two question below:

1. I currently own a LLC with my husband, which has an rental property. I just became a real estate agent. Can I Can I perform real estate agent activities under that LLC?

2. If so, can I deduct prior year carried over rental expense loss from the agent commission I earned? E.g. I makes about $10k agent commission, and I have rental loss for $10K, which can completely offset the earning. Do I still need to pay income tax for the $10K agent fee if all the activities were performed under LLC?

3. I know people can buy a car and expense it under LLC. Any restriction on the car purchase?

Many thanks for your advice.

Regards,

Ping

Thanks for the kind reply, Andy and Eric.

It seems putting it under personal name but adding a good Umbrella is a better choice. What is WC exclusions?

If I use property management, will I be able to avoid claims against Wrongful Acts?

Just for my education, if I am the owner of the LLC but using property management, does that count as actively involved in the management of the property?

Again, thanks for your advice.

Regards,

Ping

Please bear with me for my newbie questions. I have rental loss on one rental property that is under personal name. I recently bought another rental property. If I move the new property to a LLC, then can I still use the carried forward loss on the other property against the gains from this LLC property?

What's the best way to handle this so that I can still claim against the carried forward loss?

Thanks a lot in advance for your advice and suggestions.

Regards,

Helen.

Please bear with me for my newbie questions. If I start a LLC and move my rental property there which has HELOC applied under personal name, how can I pay the HELOC interest from the LLC? Or the bank wouldn't allow me to do that?

If I also use other properties' HELOC to buy the rental property, can I pay my other properties' HELOC from the company accounts? If so, how to proceed?

Thanks in advance for any advice.

Helen

Hello Real Estate gurus,

This is my first post here and I would like to say thanks in advance for any insight and advice.

I am in Washington state. Here's my situation:

I just got a rental property from auction paid in cash plus my other properties' HELOC. Now I have three options below. May I ask for your advice on which route I shall pick?

1. Create an LLC and move the rental property there. Then, how can I pay my other properties' HELOC from the company accounts? It will be hard to get refin under LLC.

2. Get refined first under personal name. (I intent to apply HELOC on the rental property because of the flexibility. I can reduce the loan balance of HELOC anytime and there is no closing cost when I apply it). After a while (any time restrictions?), quit the deed to my LLC. Is this okay? If bank accelerate the loan, I can always pay back using other HELOCs. But same question again, how can I pay the HELOC or refined loan from the company accounts? Should the interest all go to Schedule A?

3. Just get refined then carry it under personal names. I do worry about the liability. Any recommendations on Umbrella insurance? Under what circumstance that Umbrella won't protect me?

If someone knows about banks that will lend to LLC, would you please let me know? I can certainly provide personal garantee to any loan to my LLC.

Thanks again for any advice.

Helen