What is the approximate percentage of income a rental property business has to

H

Hari

New member
pay as taxes? I'm looking into buying an investment property (condo), for cash (if that matters) - solely for the purpose of making profit by renting. Some people talked to me about registering an LLC and having that LLC buy/own that property, and how I would somehow benefit from that. I'm sure there may be some benefit; however, I'd like to know - roughly - whether I'd pay more or less tax if I had that property in my name and filed it as a business income under personal tax. What is general rule here? Thanks.
 
LLC is only required to have limited liability. Even if you register LLC are do not have a partner, then your LLC will be treated as sole proprietorship.
You will report your rental property income and expenses on schedule E (Form 1040). Income will be added to your other income and taxes at your tax rate.
 
LLC is Limited Liability Corporation It shares the liabilities with all the owners (more than one owner) and creates a legal (non life) person that is taxed as if a living person. it seems to be of most benefit for insurance purposes and to separate your personal belongings from many law-suites
 
LLC is Limited Liability Corporation It shares the liabilities with all the owners (more than one owner) and creates a legal (non life) person that is taxed as if a living person. it seems to be of most benefit for insurance purposes and to separate your personal belongings from many law-suites
 
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