All Forum Posts by: Joshua Welch

Hey there everybody. I have a question for the group. I am wondering how depreciation and other tax write offs for that matter that I can take with a rental property, I am wondering how those would work in a multi member LLC. As far as a pass through entity and all the members being responsible for their taxes, I was wondering if those write offs are treated the same way and passed through at the same split etc. I have heard previously that the active member can take it and the passive members can't or that it can be divided up differently than the ownership percent, things like that. So I just wanted to see other people's experience and if they have any clarification on any part of this.

I am going to talk with my CPA here eventually but he's out of town until next week. I like to go into those meetings prepared anyways with some kind of idea on what to ask and what he's going to say. 

Thanks in advance for all the great responses. 

Perfect, that is what I was kind of thinking. Thanks for the quick reply. 

@Brian Eastman

Hey there guys, I have a question I'm trying to do some research on but I thought I'd post the question here and see if there are any experts who might have some answers. 

I've been talking with a friend and he has been advised to purchase a rental property with his IRA. I'm a real estate professional and I've been just looking over the deal with him. His idea is to purchase the property with his IRA for now and then resell it to himself at a later date when he moves some other money around so he can get the cash instead of tossing the proceeds into his IRA. I'm not sure he can do that though, and I've been trying to do some internet research on it. He is trying to reach out to his IRA people but it takes a good while to hear back from them unfortunately.

So I guess the question is are you allowed to sell an investment property that your IRA owns to yourself?

He has some other properties and as long as things go well he'll be able to cash out on them in the next couple years and use those funds to purchase the IRA property. This is basically a way to make sure he can jump on this deal now and who knows he may decide to keep it in the IRA and use the funds to buy something else in a couple years if another good property is available then.

I've been dabbling in investing for a couple years now and I've been on here for a while but I haven't really gotten too involved on the site. I've been an agent in Athens GA for the last 6 months and I've learned a lot in those six months. I want to become more active on here so I can learn even more and try to do even more deals. My main interest is finding deals, or advice on how people find them. Through the many things I've learned I can always track down money and that isn't the issue, its finding places to put it and grow it that seem to be where I hit a wall. 

I look forward to talking to everyone and trying to learn even more from this site.