State: FL
Good afternoon, I have been reading up on LLC's, just wanted to obtain some legal professional viewpoints as well.
Summary: I reside in FL. I own two rental properties (single family homes), one in Virginia, one in Washington state. Incomes/losses from these are reported through my personal tax returns. I have property managers but I am involved in the overall management, upkeep, & repair. One property is paid off, the other has a mortgage. I am retired military, 60% disabled, income roughly 65-70K/yr. My main goal is asset protection. Please let me know if any other pertinent details are needed. Thanks in advance for any advice.
Questions:
- If I form a LLC, does this help/hurt taxes in my situation?
- Does this protect my assets?
- Does it matter that properties are in other states or do I just file through Florida?
- What is the easiest/cheapest way to file for LLC?
Good afternoon, I have been reading up on LLC's, just wanted to obtain some legal professional viewpoints as well.
Summary: I reside in FL. I own two rental properties (single family homes), one in Virginia, one in Washington state. Incomes/losses from these are reported through my personal tax returns. I have property managers but I am involved in the overall management, upkeep, & repair. One property is paid off, the other has a mortgage. I am retired military, 60% disabled, income roughly 65-70K/yr. My main goal is asset protection. Please let me know if any other pertinent details are needed. Thanks in advance for any advice.
Questions:
- If I form a LLC, does this help/hurt taxes in my situation?
- Does this protect my assets?
- Does it matter that properties are in other states or do I just file through Florida?
- What is the easiest/cheapest way to file for LLC?