All Forum Posts by: Nic Gonzales
Nic Gonzales has started 1 posts and replied 2 times.
Post: New to the game, LLC / tax advice
- Fort Walton Beach
- Posts 2
- Votes 0
I set it up as a traditional LLC. I was mainly / hoping to set the LLC up for my real estate business / real estate endeavors to help offset costs. I was going to go with an umbrella to handle the liability side.
Post: New to the game, LLC / tax advice
- Fort Walton Beach
- Posts 2
- Votes 0
Hello all, first time poster, it has been a blessing finding this place, so much knowledge, experience and wisdom! I've dabbled in real estate for a few years(seriously only like 4 or 5), and now I am starting to get into the world of the unknown, taxes!!
I have a full time job, but on the side I am currently building a spec home to flip, and I also have two rentals(have mortgages), all in my name. The profit I am about to make off of the spec home has peaked my concern. I'm trying to educate myself on taxes, and while doing so, I started an LLC to start maximizing my write-off like expenses, travel, seminars and education, home office etc. But, is it even possible to have right-offs if my LLC isnt making any income due to my properties being in my personal name?
I've recently learned that I will get better rates and plans using my personal name rather than a business loan with the LLC. So now, Im not so sure I want to purchase any properties through the LLC until I absolutely have to, like from future growth.
Did I jump the gun starting this LLC?
Any advice will be greatly appreciated, and thank you in advance.