All Forum Posts by: Seidy Lasker

@Parris Taylor

Buy something first. You can always deed it to the LLC later. Then consult with Ashish.

@David Kuhlke

I don’t think you need Quickbooks, just an excel sheet which can be found online. The bookkeeping may not align with what you do on your taxes though. You might depreciate something on your books but take it as a current year expense for taxes.

@Tim Ryan

Yes especially in the suburbs. Most of the coworking at least in AZ are in the big cities. I think there’s money to be made in the suburbs with co-working spaces and no one is doing it but I see storage units everywhere. Best some of these storage places will go out of business once something new comes around.

@Jonathan Hulen

People will do shady stuff like steal your tires and replace them with old ones. Ive never done Turo but Id never trust it and its a lot of man hours picking up and dropping off for not much profit. People who overspend on vehicles and repairs are the ones who dont do as well on their profit margins.

@Adam Carpenter

Wouldn’t it be one tax return either way no matter the number of LLCs? Each property would have to get reported on schedule E regardless of the number of LLCs unless some people do it where they include all income and expenses for multiple properties under one schedule E.

@Michael Plaks

Assuming its a gift and the giftee is in the 0% capital gains bracket and the giftor is below the lifetime gift exclusion.

@John Woodrich

Yeah but there is no tax on the gift if its not over the exclusion amount so if you have capital gains of $50,000 and gifted the property to a family member like a retired person and they sold it for a 50k capital gain, there shouldn’t be any tax on the gain if they’re in the 0% capital gains bracket.

@Michael Plaks

Can you quitclaim deed a rental property to someone with less income and then have them sell it? Could you avoid capital gains if their income is less than $52,400?

@Michael Cote

You can inspect it yourself during the inspection period and not pay an inspector. An inspectors not going to inspect it for free.

@David Kuhlke

You should have asked for up front pricing once they understood the scope of work.