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All Forum Posts by: Nahal Beckam

Nahal Beckam has started 14 posts and replied 76 times.

thanks for your time.

Originally posted by @Brady Boyer:

You could always just open up another personal account and just use that solely for your rental.  Thats what I would do if I was in your shoes and then you don't even complicate the tax piece.  In my opinion the only advantage of opening an entity is for asset protection. 

 Ok. Can I ask them to remove my EIN number?

Originally posted by @Brady Boyer:

What benefit do you get from a business account that you don't get from a personal account? No I don't believe there will be any difference outside of filing form 1065. 

 just to have everything clear about our rental income and expensses in an account. thats all. I just wonder if EIN will make our tax forms more complcated. 

I wanted to open a business account. Will this make any difference in our tax return besides using a different form as opposed to not having EIN?

Hello, we have a rental (me and my husband) that we manage ourselves. In order to open a business account I applied  for an EIN number under the category of partnership. I wonder if we need to file some additional tax return forms now that we have EIN?  I heard that if we do not fill the tax return forms properly we will be fined about $600 each. any response is appreciated.

thansk

any response would be appreciated. I am a little nervous as someone told me if you do not file appropriate tax return forms you will be fined $1200. 

Hello, I just aplied for an EIN number under the category of partnership since the rental belongs to me and my husband. We are individuals managing our rental ourselves. I wonder if we need to file some additional tax return forms now that we have EIN? 

Originally posted by @Stephanie P.:

@Nahal Beckam

Every lender we use requires the ss-4 form (that's the letter from the IRS that lets you know what your EIN number is) to be included with the entity docs without regard to the number of members in the LLC. You may not have to have it to get an LLC, but you will need it to get a loan.

Stephanie

 Stephany, you mean I should request an EIN anyway. It will be needed if I want to apply for a loan for my rental. Correct? 

No, it is under mine and my husband name. OK, thank you for the reply

hello, I have a single family rental property. Do I have to obtain an EIN number? If yes, why. If not, does it hurt if I have one? Thanks