LLC

Forum|Forum|5 years ago
January 25, 2021
6 replies
23 views

I have 4 llc's that will go into a trust. They are 4 rental properties. How should they be filed?

ProSeries Professional

This topic has been closed for replies.

Just-Lisa-Now-

Intuit Community Champion

What kind of trust?

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

BobKamman

Level 15

I think I know someone else who went to that seminar. "Put each rental in a separate LLC." Seminars are the best way to make money in real estate, but don't try selling that one in California

@Just-Lisa-Now- has the right question. Probably a grantor trust. They went to that seminar, too.

Accountant-Man

Level 13

The lawyers in this fiasco made all the money.

If each LLC has only one member, the trust, then as Single Member LLCs they file nothing as disregarded entities and each rental is put on the 1041's F8825.

** I'm still a champion... of the world! Even without The Lounge.

BobKamman

Level 15

@Accountant-Man

These investors are so brilliant they don't need lawyers. It's strictly DIY with forms they download if not included already in the seminar materials. Lawyers might have suggested a better alternative, like an S corporation, or to check with a good insurance agent if they're worried about limiting their liability.

For years I have been asking people if they have ever heard of an LLC being sued without the individual owner/manager also being named as a defendant. No examples yet. Meanwhile, most of the DIY crowd has no idea what an umbrella policy will do for them.

Sign up

Login with SSO

Let's get you signed in

Login with SSO