 Household Income (by Kerry [CT]) Jan 9, 2013 11:39 AM
 Household Income (by Kerry [CT]) Jan 9, 2013 11:41 AM
Household Income (by Bill [TX]) Jan 9, 2013 11:53 AM
Household Income (by S i d [MO]) Jan 9, 2013 11:57 AM
Household Income (by Kerry [CT]) Jan 9, 2013 12:04 PM
Household Income (by Echo [GA]) Jan 9, 2013 2:26 PM
Household Income (by Kerry [CT]) Jan 9, 2013 3:03 PM
Household Income (by pattyk [MO]) Jan 10, 2013 2:11 PM
Household Income (by don [PA]) Jan 11, 2013 8:03 PM
Household Income (by Kerry [CT]) Posted on: Jan 9, 2013 11:39 AM
Message:
State Specific Question About: CONNECTICUT (CT)
Hi, I am currently on unemployment benefits was laid off a month ago. My family qualifies for state insurance however when I called to provide my income, I mentioned that I do get rental income but all of it currently pays the mortgage so none of it comes to us. The rep told me that since the money goes into our account before it gets paid to Mortgage company we have to count it as income. That could prevent us from getting health insurance. We were advised if we opened up an LLC transferred the property then we could put the rent income into a business account and pay the mortgage in that case we would not show it as income as it really is not coming to us. We have thought of doing an LLC for a while now but think it might be necessary. Can anyone advise if in this case we can honestly have the rental income applied to the business and not us personally or am I misinformed. I believe once we get the house fully rented we can take draws but right now it is not making us anything. Please help with advise if we are doing the right thing. Thanks --24.61.xx.xx |
Household Income (by Kerry [CT]) Posted on: Jan 9, 2013 11:41 AM
Message:
Just to clarify, the mortgage that gets paid is on the rental property. --24.61.xx.xx |
Household Income (by Bill [TX]) Posted on: Jan 9, 2013 11:53 AM
Message:
I think that perhaps you have already spoken with the SME (Subject Matter Expert) when you spoke with the rep.
Do you expect to be on govt. assistance for long? The time and expense required to make the change may not be worth it.
--198.208.xxx.xx |
Household Income (by S i d [MO]) Posted on: Jan 9, 2013 11:57 AM
Message:
Depending on how you structure your LLC and file your taxes may help answer the question. You need to talk to a CPA and possibly an attorney who specializes in unemployment claims. It'll be better than wasting time and money to only find out you were wrong later. --108.250.xxx.xxx |
Household Income (by Kerry [CT]) Posted on: Jan 9, 2013 12:04 PM
Message:
Sad to say but the reps don't even know the answer to that questions. I do plan on checking with the attorney and CPA but was wondering if some of you individuals on here that I am sure have LLCs would know the answer. --24.61.xx.xx |
Household Income (by Echo [GA]) Posted on: Jan 9, 2013 2:26 PM
Message:
I am not giving you legal advice or tax advice, I may be totaly wrong.
Seems to me that you answered the question wrong. If someone asks my income I'd give it for the year after taxes. Example I have a 9-5 S corp( not rentals) It may take in 300k a year but after expenses my income for the year maybe 50k, that is my income. I dont have my rentals in any type of LLC or trust just my name, but I do have a seperate checking account and I run them a seperate QB and treat them seperately on my taxes. If someone asked me my income on my rentals I couldnt even tell them except for my year end total.
Agian I have a seperate personal checking account and seperate QB. --98.94.x.xxx |
Household Income (by Kerry [CT]) Posted on: Jan 9, 2013 3:03 PM
Message:
I was advised that all rental income is counted as income if it is run through your personal account or in a dba situation you still open the checking account with your social security no so it still goes under you. I don't think I will get the answer I need here. Oh well. --24.61.xx.xx |
Household Income (by pattyk [MO]) Posted on: Jan 10, 2013 2:11 PM
Message:
it's pretty simple, check you income tax papers and report your adjusted gross income, from the 2011 tax form it's line 37 bottom of the first page form 1040
--70.13.xxx.xxx |
Household Income (by don [PA]) Posted on: Jan 11, 2013 8:03 PM
Message:
Don't put the rent in your bank account. Cash the rent checks at the banks that they were drawn on. Take the cash and pay your mortgage in person at your mortgage bank. If the mortgage bank does not have a local branch buy a money order and send it to them. --69.248.xxx.xx |
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