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Posted by GoogleGroups on December 11, 2007, 12:36 pm
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I have several LLCs I use for my real estate investment business. I
want to designate one--let's call it "LLC-S"--that I use for short-
term deals to be taxed as S corp, since I pay ordinary income tax
rates on those deals anyway. But I cannot really deduct non-basis
expenses (like travel to properties, some are far away) related to
those on a Schedule E like I can for my rentals, so as of now, I just
don't deduct them at all. If I file IRS 8832 today, am I still able to
deduct expenses (like the pricey seminar I attended in November)
relating to "LLC-S"s activities that occured earlier this year or even
in previous years? These are expenses I haven't figured out how to
deduct. My CPA is no help, she just plugs my numbers into her software
and gives me the results, and won't advise me (yes, I know, I'm
shopping for a new one now).
Once so designated, can my "LLC-S" buy health insurance (an HSA?) for
me, or is that deduction only for C corps? I understand insurance may
be counted as income to me. What kind of retirement benefits may be
deductible to "LLC-S" if I put $ into a retirement fund (IRA? 401k?)
for me? What if I hire my wife (or even make her a partner in the
LLC), can I deduct her insurance too, and/or have "LLC-S" contribute
to her existing IRA?
Finally, I have a couple of recently-bought properties I want to deed
into "LLC-S" before I sell them. Should I do that before or after I
elect S corp taxation from the IRS via form 8832? Any advice is much
appreciated, thank you!
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