LLC . Tax Filing.. Partnership Or SuB CH S?
I have an LLC set-up to eventually hold multi family props.
I currently have it set-up for taxation as a partnership.
is there any difference/ advantages , to having it set-up for taxation as a sub chap S.
thanks in advance.
Passive income tax treatment would be the same. Better to have the LLC in my opinion when holding rental property.
Thank you NewKid for your well-written and clear response...
Dang! I hate your answer though, I gotta file in all those states and then file AGAIN in CA!?
Quote:
On 2006-03-11 13:10, ceinvests wrote:
1. Would love to hear a little more about your story of purchasing rentals in so many states in such a short time. Why? How?
Why? WHY? Why does anyone invest in rental units? To help others of course--to provide clean and safe places for hard-working people to live at an honest price (oh, and make a boatload of money).
How? Well, am am sure that my story is way more boring than many if not most of the people that post here...I acquired my houses the old-fashioned way. I got a bunch of money together and bought them...no "motivated sellers" no "foreclosres" no "pennies on the dollar." The only thing that makes my story (perhaps) even slightly interesting is that I used ONLY borrowed money for every single expense, including downpayments, and I bought directly from the builder at discount on pre-construction deals. In March/April of last year I signed purchase contracts on 15 homes. Eleven of these are closed and rented out, 4 more are STILL being built.