mcwagner-Dave T

aseruti · October 20, 2006, 4:55pm

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.

aseruti · October 20, 2006, 4:59pm

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

Dave_T · October 20, 2006, 5:27pm

I will defer to Mark. How did you elect to have your LLC treated for tax purposes? How many members does your LLC have?

aseruti · October 22, 2006, 3:03pm

I still haven’t elected it for tax purposes.
its just me running it

Dave_T · October 22, 2006, 4:10pm

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.

aseruti · October 22, 2006, 4:12pm

thanks Dave T. God bless