some clarification on tax issues

来源: Flower_River 于 2014-10-28 23:57:40 [] [旧帖] [给我悄悄话] 阅读数 : (1537 bytes)

I am a senior tax accountant specialized in small businesses. I happened to see some tax questions in this article and just wanted to make some points clear for your guys. Hope they can be of any help in your rental business

1. LLC is regulated by states, not Fed. Its major purpose is for liability protection. If the houses are owned by LLC, law suit can not pursue beyond those assets.
2. Sales tax exemption: if you don't pay sales tax to the wholesale vendor, you are required to register with the state and remit to the state the sales tax you collect from your customer except under special circumstance e.g. new construction, customer as exempt org.
3. Residential rental always uses Sch E. Equipment rental uses Sch C. Sch C will pay SE tax.
4. Single member LLC uses Sch E. Husband and wife owned LLC can be considered as single member LLC, or can chose to file 1065, it may end up same as filing as single member LLC depending on the active or inactive role designation. Profit or loss from 1065 K-1 is shown on Sch E page 2.
5. Loss from Sch E may not be deductible due to passive loss limitation.
6. 1065 partners don't get paid W2 wages if there is payroll for the business
7. Mileage, home office and business meals are deductible no matter there is LLC or not. Lawn care related expenses can not be included in home office except limited special cases. Phone and internet deduction is based on actual usage, not square footage %.

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• 非常有用的信息，謝謝啊。額也有個問題請較下。 -MrsKwok- ♀ 给 MrsKwok 发送悄悄话 (776 bytes) () 10/29/2014 postreply 05:10:11

• about W2 -Flower_River- ♀ 给 Flower_River 发送悄悄话 (914 bytes) () 10/29/2014 postreply 19:24:23

• 大謝大謝，不愧是專業的，簡潔明瞭使人易懂。請常常來啊，多謝多謝。 -MrsKwok- ♀ 给 MrsKwok 发送悄悄话 (0 bytes) () 10/29/2014 postreply 20:09:10

• 是不是可以這樣理解？1. 成立個LLC管理公司（即便是只管理自己的房產）。簽租約時用管 -MrsKwok- ♀ 给 MrsKwok 发送悄悄话 (621 bytes) () 10/29/2014 postreply 05:31:41

• 没用。管理公司和资金来源同属一人或一个家庭。LLC被击穿。-- youxi88 -sweetptt- ♂ 给 sweetptt 发送悄悄话 sweetptt 的博客首页 (0 bytes) () 10/29/2014 postreply 10:04:47

• 对。LLC避险不是百分百的。不过有点总比木有的强。额这里更关 -MrsKwok- ♀ 给 MrsKwok 发送悄悄话 (212 bytes) () 10/29/2014 postreply 10:14:58

• 这个很简单。专门开个HR LLC。给自己和员工发工资。 -sweetptt- ♂ 给 sweetptt 发送悄悄话 sweetptt 的博客首页 (124 bytes) () 10/29/2014 postreply 10:20:15

• 介个介会8会太那个而“引人注目”啊？the simple the best... lol.thanks 师兄。 -MrsKwok- ♀ 给 MrsKwok 发送悄悄话 (0 bytes) () 10/29/2014 postreply 10:28:55

• risk management -Flower_River- ♀ 给 Flower_River 发送悄悄话 (592 bytes) () 10/29/2014 postreply 19:41:05

• 嗯。再次感謝。看來這個自設的管理公司就是具備自發工資單的功能而不會 -MrsKwok- ♀ 给 MrsKwok 发送悄悄话 (215 bytes) () 10/29/2014 postreply 20:23:15

• 谢谢专业人士的信息。给你点个赞。 -SunnyCreeks- ♀ 给 SunnyCreeks 发送悄悄话 (0 bytes) () 10/29/2014 postreply 06:49:20

• 赞 -海泠- ♀ 给 海泠 发送悄悄话 海泠 的博客首页 (0 bytes) () 10/29/2014 postreply 07:19:59

• 赞！谢谢专家澄清要点！ -瞎问瞎说- ♂ 给 瞎问瞎说 发送悄悄话 瞎问瞎说 的博客首页 (0 bytes) () 10/29/2014 postreply 08:02:52

• 第6条对吗？ partner 也可以有工资啊 -肥牛- ♀ 给 肥牛 发送悄悄话 (0 bytes) () 10/29/2014 postreply 19:33:39

• partner can not be on the payroll -Flower_River- ♀ 给 Flower_River 发送悄悄话 (134 bytes) () 10/29/2014 postreply 19:43:47

• 那partnership deduct guaranteed payment as business expense 的依据是什 -肥牛- ♀ 给 肥牛 发送悄悄话 (0 bytes) () 10/29/2014 postreply 20:13:05

• G/P will be shown on partners 1040 as income -Flower_River- ♀ 给 Flower_River 发送悄悄话 (0 bytes) () 10/29/2014 postreply 20:17:36

• 谢谢。知道了G/P will be reported as ordinary income, but not subject t -肥牛- ♀ 给 肥牛 发送悄悄话 (26 bytes) () 10/29/2014 postreply 20:23:51

• FYI in addition to income tax, G/P is also subject to SE tax for -Flower_River- ♀ 给 Flower_River 发送悄悄话 (0 bytes) () 10/29/2014 postreply 20:32:59

• 多谢， 但garanteed payment is included in K1 box 4, not box 14, so n -肥牛- ♀ 给 肥牛 发送悄悄话 (62 bytes) () 10/29/2014 postreply 23:37:28

• active partners are subject to SE tax -Flower_River- ♀ 给 Flower_River 发送悄悄话 (0 bytes) () 10/30/2014 postreply 15:38:39

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