Re: Business or Personal - Landlord Forum thread

Re: Business or Personal by chris m on May 25, 2002 @20:30

C Furr on 5/20/102 2:14 PM said: >> >> >>Does anyone have an opinion on whether I should run my rentals through a business or just by myself? >> >> >> >>What are the tax benefits or ramifications? Anything else I should know about each? >> >> >> >>I am just getting started, have my first house and will have my first tenant shortly. >> >> >> >>Thanks for all of your advise! >> >> >> >chris m> >>you need to talk to an accountant to determine which method will be better for you. Tip 1> keep each & every receipt! Do it on a spreadsheet for your accnt to save them time & you money for their prep work to do your return. If renting through a business, do you mean "your business" are you an agent, realtor, going to be filing for incorporation under a real estate management company? Or will you be kicking back money for someone else to show and handle the property? Just starting 1 unit-I'd do it myself, order all the forms from this site (I think its cheaper to join-you get them free) and read the horror stories before you commit to buy more properties. Alot of people have the misconception that landlords are rich. Many are breaking even until the property is paid off. Good luck!

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