Claimable expenses : US tax ….. help ?

Hi Rick

You really need to speak with an accountant in the area / state you are investing in. I don't think many Aust accountants will be able to help you with the specifics. I spent 30 mins with an acc. in the town I was looking at investing in, in Michigan, a couple of years ago and learned more in that short time than you will find in a year trail blazing these forums.

Every state is different. Company set ups, paperwork, taxes and deductions can differ as well.

Also I think that if you are looking at buying in the US it's a lot easier to forget the LLC thing and get good insurance. Much less hassle and expense with similar protection and the same tax deductions from what I understand.

If you are looking at buying a stack of properties then it would be wise to look at company options, but one, two or three properties, I wouldn't bother. I'm finding it takes a couple of hundred to set up an LLC but a hell of a lot more to keep them running, in time and money, providing the IRS and all the other govt/state depts with the right forms – (every quarter in some states.) A right pain in the a.

Sorry Ive gone off your topic a bit, but a 20 minute skype phone call to a local CPA will save you a bundle as well.

Ian
http://theblockblog.com
Free Property Investment Info, Tools & Resources for Investors with a Sense of Humour.

I would have to agree with Ian and Steve, although you can (after some time) learn to do your own tax returns etc, it's always advisable to speak to an accountant or tax strategist upfront, to make sure you get your structure correct.
As you might also know, there's very few people out there who can "legally" advise you, even if we think we know the answer:-)

[email protected]