All Forum Posts by: Javi Chipi

Hey I showed up and didn't know it was moved to next Saturday. Can I please be added to the list to get email updates about that. I appreciate it. Is there someone I can contact before going to make sure it is on. Thank you.

Matt's answer on this topic is very good.

Obtaining an ITIN is difficult and can take months if not property done right. Obtaining an EIN and forming an LLC are not as difficult. If you want to message me we can set up a call. I usually answer questions directly but this isn't something you want to DIY.

What does everyone think of MF in Hollywood FL. Are you guys doing deals here. Doesn't seem like that bad an area to me. Prices seem OK.

If you are using LLCs to minimize federal wealth transfer taxes you are best meeting with an attorney. There may not be an estate tax in the future. It not clear with Trump as president. Anyway a SMLLC does not change anything for tax purposes. The property still goes on schedule E or C of Form 1040 depending on whether it's a flip or a rental. For income tax purposes it usually doesn't matter. If you have more than one member in the LLC you are usually better off with a partnership but it depends.

If you rent out part of the property you have to report the income and deductions. See schedule E of Form 1040. It is slightly more complicated than that so reach out to a CPA is my advice.

A SMLLC defaults to a disregarded entity. If the property is encumbered you may have transfer taxes not an IRS issue, a state issue. Your states laws may exempt the transfer from taxes since it is a disregarded entity. You need to check that out or talk to a CPA or lawyer.

John let's talk deals. I'm in your area.

Hi Stephen I am in the Ft. lauderdale area. I am not a fixer I am an accountant. I have fixed up my personal residence but that is it. Anyways I would like to hear more about what you are doing if you are open to that. Thanks Javier

It is uncommon for someone to own their personal home in an LLC. Usually LLCs provide protection but your states laws may have some protection for your primary residence. Is your house mortgaged? I assume you have insurance. Also living in your house that you title to an LLC and then you don't pay market rent to that LLC is not respecting formalities. You could be paying higher property taxes also depending on your state and what exemptions they give individuals and not LLCs. You should speak to an attorney before putting your primary residence into an LLC or trust.