Posted by rm on November 07, 2002 at 13:28:12:
Could you please elaborate on the ramifications of dealer status?
Be as brief, or as detailed, as you like.
Thanks.
LLC taxes - Posted by utah_investor
Posted by utah_investor on November 07, 2002 at 11:20:22:
I have a question for those that have set up a Corporation or LLC for their REI. What kind of taxes am I looking at to shelter my properties? If you could be detailed I would appreciate it! Also, how many properties would you advise to hold in one LLC before an additional one is created?
Re: LLC taxes - Posted by Mike
Posted by Mike on November 07, 2002 at 12:15:43:
Im actually Here in Utah so I can speak specifically to that issue, On the advice of my attorney I dont keep more thn 3 to 5 properties in one LLC at a time. and I use different LLC for different purposes. I use one for L.O. properties and another for my buy and hold properties. as far as the tax ramifications I can’t help you there I did nearly 30 properties this last year so my status is a dealer staus and so all my rules have changed and my positioning is a little different than yours.