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apradee
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- Posted I used Turbo Tax Business to file LLC returns. I want to file an amendment now. How do I know which IRS center processed the original return? on After you file. October 5, 2020 2:06 PM
- Posted Re: Vacant land under multimember LLC, capitalized mortgage interest and property taxes on Business & farm. September 26, 2020 11:09 AM
- Posted Vacant land under multimember LLC, capitalized mortgage interest and property taxes on Business & farm. September 26, 2020 5:59 AM
- Posted @Rick19744 Thanks for taking the time to go through all t... on Investors & landlords. June 7, 2019 4:11 PM
- Posted @Critter#2 There's a misunderstanding here. It's a partne... on Investors & landlords. June 7, 2019 4:11 PM
- Posted @Critter#2 Goods points that I'll surely use. Thanks! on Investors & landlords. June 7, 2019 4:11 PM
- Posted @Critter#2 I think I will seek out professional advice. D... on Investors & landlords. June 7, 2019 4:11 PM
- Posted @Carl Thanks for your quick response. Regarding the last... on Investors & landlords. June 7, 2019 4:11 PM
- Posted How can I use LLC's rental income from a property to make mortgage payments for that same property when the title is not on the LLC? Title and mortgage are on my name. on Investors & landlords. June 7, 2019 4:11 PM
September 26, 2020
11:09 AM
Yes, it's an investment property. Can you please guide me with steps to take? What do I need to within Turbo Tax Business for the LLC? At this point, it'll be an amendment. When I filed back in March, I had incorrectly classified these as rental expenses. I need to know what I need to do in future years as well.
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September 26, 2020
5:59 AM
I own vacant land and vacant commercial lots for investment with partners under a multi-member LLC. In 2019, we had no income and there was not property sale. We incurred significant costs for mortgage interest and property taxes. Since there is no income to deduct these costs against, how do I handle them? Specifically, how do I report them using Turbo Tax Business 2019 (I have the CD)? I report personal taxes using Turbo Tax Premium.
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June 7, 2019
4:11 PM
@Rick19744 Thanks for taking the time to go through all the detail, and providing your detailed response. It's helping me to get closer to understanding my situation. So far, it looks like it's best to rent it out directly (without bringing the LLC into the picture) for the time being.
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June 7, 2019
4:11 PM
@Critter#2 There's a misunderstanding here. It's a partnership LLC, haven't elected S-Corp.
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June 7, 2019
4:11 PM
@Critter#2 Goods points that I'll surely use. Thanks!
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June 7, 2019
4:11 PM
@Critter#2 I think I will seek out professional advice. Do you suggest I go to a certain type of CPA for this? I want to understand some basics, and terminology before I reach out to them. I'm trying to get to the right questions to ask when I reach them for help.
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June 7, 2019
4:11 PM
@Carl Thanks for your quick response. Regarding the last comment you made, why would the lender consider this a violation, if I was the one making the mortgage payment? I mean, the LLC will pay me, and I will pay the lender. From the lender's perspective, the person paying is the person on the title/mortgage. An important question I have: when the LLC pays me, does it trigger an event that is considered taxable? I'm not familiar with the term, may be it's called distribution?
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June 7, 2019
4:11 PM
We formed an LLC
this year in Texas. It's members are my family members. My wife and I are the
managers. The LLC is allowed to form series, and do any type of allowed
business in the state of Texas. Our main intention is to use it for holding
real estate properties as we purchase them for renting out. In future, we could also do
some consulting via one or more of the series. Although we
purchased a property this year, we had started the loan application before we
formed the LLC, and could not get the lender to put the title on the LLC. So
the title for the property is directly on our names. I understand that we won’t
get the liability protection, which is the main purpose of the LLC. Eventually,
we hope to move the property title to the LLC. I'm now getting
ready to lease the property out, and want to get some thoughts on how best to
do so from a tax perspective. Should I rent it out on our name, or the LLC's
name? Does it even make a difference? What happens if we
lease the property out on the LLC's name? We are thinking doing this will begin
to establish an earnings history for the LLC. However, we want to use the
rental income of the LLC to pay the mortgage installments. Note that the
property title and the mortgage are on our names, not on the LLC. In order to
use the LLC's rental income to make mortgage payments, do we need to have some
sort of agreement between us, the title holders, and the LLC? Please share your
thoughts, and questions as well. Thank you.
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