All Forum Posts by: Nahal Beckam
Nahal Beckam has started 14 posts and replied 76 times.
Post: EIN Number for rental property
- Posts 76
- Votes 1
thanks for your time.
Post: EIN Number for rental property
- Posts 76
- Votes 1
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?
Post: EIN Number for rental property
- Posts 76
- Votes 1
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.
Post: EIN Number for rental property
- Posts 76
- Votes 1
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?
Post: EIN Number for rental property
- Posts 76
- Votes 1
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
Post: Ein number for partnership
- Posts 76
- Votes 1
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.
Post: Ein number for partnership
- Posts 76
- Votes 1
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?
Post: Do I have to have EIN NUMBER?
- Posts 76
- Votes 1
Originally posted by @Stephanie P.:
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?
Post: Do I have to have EIN NUMBER?
- Posts 76
- Votes 1
No, it is under mine and my husband name. OK, thank you for the reply
Post: Do I have to have EIN NUMBER?
- Posts 76
- Votes 1
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