Current w2 and landlord

[vivmayorga]

Hi, I am currently a w2 employee and I also own properties under my personal name. How could opening an LLC and putting the properties under this LLC benefit me aside from Liability coverage? What would be the smart way to do it for tax purposes? Should my properties be making a certain amount per year for the LLC to make sense? How should I go about evaluating this?

Also, I work for a property management company (w2) and I am looking to replicate the business model. At what point would it be best to create separate LLCs and assign different properties owned to them?  
Also, If I were to purchase a property abroad and looking to avoid global tax, what advice or suggestion or options would I have to not get heavily taxed. Ex Pass through entity

Thx for any info provided

[dev145]

There is no impact on you personal taxes if property is under your name or LLC since all income and expenses will pass thru you.  Main benefits of putting properties under LLC is liability protections. If you have multiple properties, putting each under separate LLC protects each property from a liability from other one. There are some drawbacks like, registration with state and annual reporting, fees associated with title transfer, follow local and state LLC regulations, revising insurance, lease agreements. 

There is not right or wrong answer about when to transfer properties to LLC or how many to put under one LLC.  Your asset protection strategy will dictate what you do. 

If you decide to buy rental in foreign country, you might have to file a tax return and pay taxes depending on that country's law. You will still have to report income/loss on your US tax return. There is no one size fits answer for this. You have to consider what type of entity (Corp., LLC, IRA etc.) as you buy property (residential, commercial) and where you buy it.