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#274233 - 02/07/09 03:00 PM Tax Shelter Question
VAInvestor Offline
Member

Registered: 01/13/09
Posts: 41
Loc: VA and NY
I have a question about passive loss shelter for individuals vs. LLCs: If you're an individual (and NOT a real estate professional), you can't deduct passive losses on your real estate holdings if your income exceeds $150,000 annually.

What if your properties are in an LLC and the LLC is classified as a regular company - and it produces a loss. Can this loss be classified as something other than passive loss and deducted no matter what your income is?

I am consulting my accountant but thought someone here might know as well. Has anyone done this? How do people whose income exceed $150,000 use real estate to shelter their income?

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#274995 - 02/10/09 09:16 PM Re: Tax Shelter Question [Re: VAInvestor]
ScottFicek Offline
Member

Registered: 08/03/07
Posts: 72
Loc: Minneapolis, MN
The beauty with an llc is that it is not double taxed, the taxes are passed down to the owner's personal taxes. Therefore, the same $150k limitation would apply.
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#284977 - 04/04/09 07:13 PM Re: Tax Shelter Question [Re: ScottFicek]
VAInvestor Offline
Member

Registered: 01/13/09
Posts: 41
Loc: VA and NY
I wanted to resurrect this since it didn't get a lot of replies before.

How are people making 150k+/year using real estate to save money on taxes? I know about the real estate professional classification, but what other ways are there? Anyone? Thanks.

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