Rental Properties In LLC: Do I Have to File Both Personal & Business Taxes?

Wondering about the tax implications of putting your rental property into an LLC? 🤔
Join us as we break it down! From sole proprietorships to partnerships, S corps, and C corps, learn how your LLC affects your tax filing process. Learn why it's crucial to understand the tax implications of each scenario to avoid headaches down the road.
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Toby Mathis, Esq. is the best-selling author of Infinity Investing: How the Rich Get Richer And How You Can Do The Same. Toby is a tax attorney and founded Anderson Business Advisors, one of the most successful law, tax, and estate planning companies in the United States. Learn more at aba.link/tobyaba
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The information provided in this video should not be construed or relied on as legal advice for any specific fact or circumstance. Its content was prepared by Anderson Business Advisors with its main office at 3225 McLeod Drive Suite 100 Las Vegas, Nevada 89121. This video is designed for entertainment and information purposes only. Viewing this video does not create an attorney-client relationship with Anderson Business Advisors or any of its lawyers. You should not act or rely on any of the information contained herein without seeking professional legal advice.
#llc #filingllc #businesstaxes

[@303Estates]

Always love your video's Toby!! Do you have a video on selling rental property and putting the proceeds into a retirement account to save on Capital Gains? Thanks!!

[@TobyMathis]

Great suggestion!

[@303Estates]

do you think it will work?? ;-) Thanks Toby... I know you are super busy!@@TobyMathis

[@Mis-AdventureCH]

Here's a question....an LLC is pass through. But if it's housing operating funds that don't get distributed to the holders personal accounts, are those funds also subject to tax? They didn't leave the LLC.
* Only S-Corp structure I'll use is for a management company if I have to pull a salary that generates a W2.

[@TobyMathis]

Whether the LLC is passthrough depends on how it is taxed. If it is taxed as a passthrough (disregarded, partnership, S-corp), the tax liability belongs to the taxpayer to whom the income flows. I know it is strange, but whether the funds are distributed does not really matter.

[@Mis-AdventureCH]

@@TobyMathis That's the rub. Sounds good on the one hand, but depending on how much an asset is flowing you could punch past that 21% corporate rate (C-corp) real fast if it just flows and lands in your personal 1040.
Planning out a Tax strategy is a real thing, especially if you want to retain those earnings for redeployment.

[@TB-ki1ux]

ThumbUp &LeaveComment 4AIgosAll

[@johnnywhite26]

Imagine living in a country where the government thinks you should have to pay them to work and the people are ok with that.