We get a lot of questions about rental real estate properties and income taxes. In this article, we will cover the major topics the commonly come up: Do I Need an LLC? The first, most common question, we get is whether you need an LLC or not. If you are just considering income tax purposes, then it doesn't matter whether the property is held in your personal name or a company name.
You get the exact same write-offs for expenses and Continue Reading. With the Tax Cut and Jobs Act (TCJA aka Trump Tax Reform), there were a lot of changes to tax regulations. The one that will impact the most people is the new documentation requirements for dependents and filing status. Essentially, you will need to be able to prove that your dependents live in your household during the year.
You get the exact same write-offs for expenses and Continue Reading. With the Tax Cut and Jobs Act (TCJA aka Trump Tax Reform), there were a lot of changes to tax regulations. The one that will impact the most people is the new documentation requirements for dependents and filing status. Essentially, you will need to be able to prove that your dependents live in your household during the year.
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The first, most common question, we get is whether you need an LLC or not. If you are just considering income tax purposes, then it doesn't matter whether the property is held in your personal name or a company name. You get the exact same write-offs for expenses and depreciation either way (and the same passive activity limits).
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