A little guidance on LLC's and Investment Property

General Real Estate Investing
1

Recently I created an LLC in VA, and I bought an investment property (a Condo) Jan 2005. How do I bring the two together so that I can use the tax benefits to my advantage. I’ve been told to see an accountant or tax lawyer. Is there a way I can do this myself without the involvement of either? I’m a self-help kinda guy, however I’m no idiot, if doing it myself could land me in trouble with the IRS - I will see one of the professionals mentioned. The forums are so informational I just thought I could possible get some valuable info here. Since I have one property, I’d think there shouldn’t be much to it. If I’m wrong please set me straight, I’m new at this if you didn’t notice ;D.

Driley

2

There are no tax benefits. The income/expense from a single member LLC will be taxed exactly the same way as it would on your individual tax return.

The benefits have to do with protecting your assets and liability issues. I’m in the midst of doing something similar. I can help you further if you want to shoot me an email.

3

There are no tax benefits unless ATM comes into play (?)