 Setting Up a Business (by Ken [OR]) Aug 4, 2008 4:00 PM
 Setting Up a Business (by Steve [NJ]) Aug 4, 2008 4:30 PM
Setting Up a Business (by pmh [TX]) Aug 4, 2008 4:38 PM
Setting Up a Business (by billy button [MA]) Aug 5, 2008 7:30 AM
Setting Up a Business (by 16west [MN]) Aug 5, 2008 1:54 PM
Setting Up a Business (by Ken [OR]) Posted on: Aug 4, 2008 4:00 PM
Message:
I am renting out 5 rooms in my home that I own and leasing another property that I am using as a primary residence. How can I put myself in a better tax situation? Should I form an LLC and transfer the property to it?
--66.193.xxx.xxx |
Setting Up a Business (by Steve [NJ]) Posted on: Aug 4, 2008 4:30 PM
Message:
I would not set up a legal entity for rooms for rent in a house. Renting out rooms in a house is called a rooming house and I would seriously think that you are NOT zoned for that. Most people who rent out rooms do it low key and hope that nobody tries to bust them. Anyway, putting a rental in an LLC helps for liability but not really for taxes. It costs money to file the entra paper work each year. --67.82.xxx.xxx |
Setting Up a Business (by pmh [TX]) Posted on: Aug 4, 2008 4:38 PM
Message:
in your situation - why bother ?
you will pay taxes one way or another, even if LLC is sole propietership.
confused on "my home" and "leasing another property I am using as my residence".
you are getting carried away with the late night gurus. suggest you just visit with your insurance broker, and also buy umbrella. --68.185.xxx.xxx |
Setting Up a Business (by billy button [MA]) Posted on: Aug 5, 2008 7:30 AM
Message:
sounds like a rooming house to me.are u legal?i would be inclined to be sure its legal and not do llc --208.58.x.xx |
Setting Up a Business (by 16west [MN]) Posted on: Aug 5, 2008 1:54 PM
Message:
Find a good CPA. I know they cost money, but they save you more than they cost. A good CPA will be able to run the numbers on several corp options and suggest the one that best for your situation.
I do almost all of my own work in my building, but every now and then I need to hire a professional plumber or electrician to handle something that is beyond my abilities. Same thing with the CPA, every now and then you need to hire a professional numbers guy.
--204.72.xxx.xxx |
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