Hello guys and thank you for your help
I just recently set up a LLC and I wanted to know what is the best
way to run my profit thru my LLC when I wholesale and take properties sub2. Thank you and God bless.
Hello guys and thank you for your help
I just recently set up a LLC and I wanted to know what is the best
way to run my profit thru my LLC when I wholesale and take properties sub2. Thank you and God bless.
I should have added that is for when tax time comes arround and I have to file that profit.I hope that my question is some what clear.Thanks
I will defer to Mark. How did you elect to have your LLC treated for tax purposes? How many members does your LLC have?
I still havenโt elected it for tax purposes.
its just me running it
If you have already established your single member LLC but did not make a tax treatment election, then by default your LLC is a disregarded entity.
Your flip profits will be taxed on Schedule C and Schedule SE of your personal 1040. Ordinary income tax rates in addition to self-employment income taxes will apply to your flip profits.
Consult your CPA for specific details.
thanks Dave T. God bless