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Set up an LLC they said…

As a whole I think people like to provide helpful advice. Often if you have business or rental activity someone tells you should have a Limited Liability Company (LLC). Sometimes that advice is spot on. Sometimes it is not. Sometimes, along with that advice, they share information that may create false expectations. You can save …

Military Landlord Series # 13: What happens with passive losses?

Residential rental property is usually considered a passive activity from a tax perspective (there are exceptions). This means if the activity generates losses, the losses are passive losses. Passive losses usually can only be used to offset passive income. If you have one rental property that makes a $5000 taxable profit and another that has …