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All Forum Posts by: Steve Podwojski

Steve Podwojski has started 1 posts and replied 2 times.

Tax, SDIRAs & Cost Segregation

Post: Can you go from an LLC Partnership back to a sole owner LLC

Steve PodwojskiPosted
  • ANNAPOLIS, MD
  • Posts 2
  • Votes 0

My LLC that owns the rental homes was owned by myself, my wife, and a C Corp. (that I owned 100%). My goal was to clean up some of this paperwork since I had four LLCs. (1 LLC partnership for rentals, 1 S-corp for flips, 1 for SD IRA, 1 C-corp)

I am closing the C Corp. so now my LLC partnership will show up on my personal tax return on schedule C or E which I do not want.

I would like the S-Corp to own the LLC so that that income will show up as W-2 and K-1 income without having to make that LLC into an S-Corp and have to deal with more paperwork and monthly tax payments.

0 Votes
Tax, SDIRAs & Cost Segregation

Post: Can you go from an LLC Partnership back to a sole owner LLC

Steve PodwojskiPosted
  • ANNAPOLIS, MD
  • Posts 2
  • Votes 0

I have owned a LLC partnership for 6 years in Maryland that owns rental properties and filed tax returns. If I convert it back to a sole owner pass-through LLC will it spark an audit?

Also, can I set it up so that my S-corp LLC owns the above sole owner LLC. This way I only have to file one tax return and have to W2 myself through one company?

0 Votes