tag:blogger.com,1999:blog-2118034367359368521.post1592583046565229312..comments2023-09-19T21:34:19.439-07:00Comments on Pay Off My Rentals: Update - February 2013Pay off my rentalshttp://www.blogger.com/profile/15055969747933706799noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-2118034367359368521.post-69704458425538565902013-02-07T01:40:38.122-08:002013-02-07T01:40:38.122-08:00Hello, All About Interest, and Welcome!
Thanks fo...Hello, All About Interest, and Welcome!<br /><br />Thanks for stopping by. We are not set up as an LLC. All these properties are in my and my wife's name. I share MMM's view and think the whole worry about lawsuits is overblown--Possible, but rare. HOWEVER...we do carry a $1,000,000 umbrella policy on all our rentals. It is inexpensive, averageing <$40.00 per house annually. I feel that suffices and keeps things simple. I also use a property management company, so they know how to stay out of trouble.<br /><br />As to taxes, not sure what more one can do. Deductions are pretty straight forward for rental real estate with pretty much everything being deductible. One has to decide whether to be an "Active" or "Passive" investor in order to decide if he wants to deduct losses against salary income (Active RE Investor) or passive income, i.e. other investment income, dividends, distributions, etc. <br /><br />It's worth researching which route you desire to take depending on the source(s) of your income. For example, you can use a property management company and still be an active RE investor. <br /><br />I hope you stop by and check in from time to time.Pay off my rentalshttps://www.blogger.com/profile/15055969747933706799noreply@blogger.comtag:blogger.com,1999:blog-2118034367359368521.post-58197416990251852712013-02-06T09:11:24.244-08:002013-02-06T09:11:24.244-08:00I'm impressed with how quickly you are paying ...I'm impressed with how quickly you are paying these mortgages off! Six rental properties is is incredible.<br /><br /> I am curious how do you have your rentals set up for taxation and liability purposes? I mean do you have them set up as a LLC or other taxable entity? I only have two rentals currently but am looking into ways I can set them up to save on taxes and protect myself from lawsuits. All About Interesthttps://www.blogger.com/profile/13412467028446944315noreply@blogger.com