Another LLC question.... - Posted by Steve GA.

Posted by phil fernandez on September 02, 2002 at 21:10:20:

You might want to post this on the legal forum for Bronchick or John Hyre to address. And don’t take my answer to the bank, but if your LLC is a single member or partnership where you might have yourself and another member as members of the LLC, your entity is just a pass through entity to your individual 1040’s. In this case there are no tax benefits.

LLC’s of this type are created for liability protection, hence the words, " limited liabilty company", not for a tax advantage.

Another LLC question… - Posted by Steve GA.

Posted by Steve GA. on September 02, 2002 at 20:35:20:

Hi all!

I know the answer is in the archives somewhere, but I want to know how to go about getting information on tax benefits of an LLC. Any sites? Most real estate attorneys and accountants are up to date on conventional home ownership. Where do I begin to look for an attorney and accountant that have more knowledge about investing?

I own a very profitable duplex now and am starting to run out of maintenance costs and repairs. I need to “shelter” this income by full time investing - buying a couple units per year.

Any thoughts?

Can my LLC own my vehicle and rent it to me? Other tax shelters?

Thanx in advance for info…