Something I just caught. You say, flipping properties and rentals. Note that when it comes to rental property, all (and I mean *ALL* ) transactions related to rental property that you or the business collects rental income on, in reported on SCH E. You *really* need to be careful here, because if you don't report things right, the back taxes, fines, penalties and late fees will *eat* *you* *alive* as they are significantly $higher$ for a business, than they are for an individual.
ALso, when dealing with rentals in a multi-member LLC there are several things where perfection is not an option.... its an absolute ***MUST***.
- The LLC needs be one of the legal owners named on the deed if the LLC will be claiming property taxes.
- The LLC needs be named on the mortgage if the LLC will be claiming mortgage interest.
- The LLC needs to be the named beneficiary owner (along with the mortgage holder) if the rental dwelling insurance policy if the LLC will be claiming the property insurance deduction.
