Does anyone have a tax attorney they can recommend for a consultation about potential LLC setup?

In case it helps, we have two rental properties (one Airbnb and one long-term college rental). I currently manage them use Turbotax to enter the revenue and allowable deductions. I understand an LLC will help protect my personal assets but I'm unsure how the tax piece works or changes on how I currently do my taxes.

Any help or recommendation(s) is appreciated.

following, just kicked asset hero to the curb and wanting it do it myself, need to know where to start

I'm not a tax attorney, but I recommend you do separate LLCs for each. I have seen defendants have their entire rental property portfolio decimated by a personal injury judgment originating out of only one of their properties. Make sure you have commercial liability insurance.

Thanks for the info. I've set up a call with my CPA to discuss. We have umbrella coverage but perhaps worth looking into the commercial liability route for both properties as well.

Marcus Brooks at Winstead. Brilliant guy, but still a good ol boy who you can talk to.

Winstead = $$$

LPHA said:

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Winstead = $$$

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True, but Marcus whittles the issue down faster than anyone I've ever seen and 100% of the people I've referred to him were very happy.

A cheaper option is a good Ag in Waco named Scott Omo at the Pakis Giotes firm.

P.H. Dexippus said:

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I'm not a tax attorney, but I recommend you do separate LLCs for each. I have seen defendants have their entire rental property portfolio decimated by a personal injury judgment originating out of only one of their properties. Make sure you have commercial liability insurance.

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This is why the big un's who own apartment complexes establish each one as a single asset entity (SAE) controlled usually by an LLC GP with (whatever structure behind that for them & their investors) to have multiple levels of entity protection for the collective herd of assets controlled by the group.

An ounce of prevention is worth a pound of cure. Always.

Reggiesankles said:

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Does anyone have a tax attorney they can recommend for a consultation about potential LLC setup?

In case it helps, we have two rental properties (one Airbnb and one long-term college rental). I currently manage them use Turbotax to enter the revenue and allowable deductions. I understand an LLC will help protect my personal assets but I'm unsure how the tax piece works or changes on how I currently do my taxes.

Any help or recommendation(s) is appreciated.

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I would keep it simple and setup a single owner LLC (unless you really have more than one owner) IRS treats single owner LLCs as sole proprietors.

What is the opinion of doing this if you just own one or two rentals?

I was not implying that he wasn't good at what he does. I have had several very high wealth individual clients that used Winstead exclusively, so they must be doing something right.

Alisa at hoggattlawfirm.com. She has a LLM in tax and has done great work for me on this kind of stuff.

Reggiesankles said:

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Does anyone have a tax attorney they can recommend for a consultation about potential LLC setup?

In case it helps, we have two rental properties (one Airbnb and one long-term college rental). I currently manage them use Turbotax to enter the revenue and allowable deductions. I understand an LLC will help protect my personal assets but I'm unsure how the tax piece works or changes on how I currently do my taxes.

Any help or recommendation(s) is appreciated.

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Talk to a lawyer about the LLC and protecting personal assets as well as having each property in a separate LLC.

A CPA can discuss with you the tax implications of a single member LLC owned by one spouse, an LLC owned by a husband and wife, and the amount of services (if any) that you provide with your Airbnb rental (I suspect these are short-term rentals).

P.H. Dexippus said:

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I'm not a tax attorney, but I recommend you do separate LLCs for each. I have seen defendants have their entire rental property portfolio decimated by a personal injury judgment originating out of only one of their properties. Make sure you have commercial liability insurance.

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I'd be curious to know the details on this. I have one rental property and only a landlord policy on it for liability, but it is through the same company that all my other policies are under and have a 2M umbrella. I know that 2M is a drop in the bucket when it comes to a personal injury claim, but the basis for my comfort with this level of coverage is that the insurance company really doesn't want to pay out that 2M, so they are going to devote a lot of resources to avoid paying it, i.e. you are going to have the best defense in the business on your side

I would personally be worried about liabilities arising from the short term rental. More folks going through there = greater chance of running across a jackpot seeker. Too many personal injury guys advertising for business these days.

Milwaukees Best Light said:

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Alisa at hoggattlawfirm.com. She has a LLM in tax and has done great work for me on this kind of stuff.

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Thanks. Just curious. What type of costs are we talking about? I honestly think I need about an hour of her time to address the few questions I have. I don't need an ongoing relationship, etc. Do you think this request would be okay?

Reggiesankles said:

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Milwaukees Best Light said:

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Alisa at hoggattlawfirm.com. She has a LLM in tax and has done great work for me on this kind of stuff.

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Thanks. Just curious. What type of costs are we talking about? I honestly think I need about an hour of her time to address the few questions I have. I don't need an ongoing relationship, etc. Do you think this request would be okay?

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I used Alisa for our will and my wife's LLC and had a great experience. While this doesn't translate directly to your question, I have a consult with one of the attorneys that she shares an office with on an unrelated matter today where I asked her to review numerous documents and deeds prior to the consult and it she was willing to do it for a small fee.

Reggiesankles said:

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Milwaukees Best Light said:

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Alisa at hoggattlawfirm.com. She has a LLM in tax and has done great work for me on this kind of stuff.

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Thanks. Just curious. What type of costs are we talking about? I honestly think I need about an hour of her time to address the few questions I have. I don't need an ongoing relationship, etc. Do you think this request would be okay?

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I texted her this thread and here is her reply:

"I charge $375 for an hour consult to discuss all of that. I'd give a Tex ags discount for $300. Then whatever he needs done I'd quote in that meeting"

Thanks. I've sent an email to her office. They've asked for the referral. Do you mind providing your first name?

Again, I appreciate the info. I'm Jared in case she needs to know.

Reggiesankles said:

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Thanks. I've sent an email to her office. They've asked for the referral. Do you mind providing your first name?

Again, I appreciate the info. I'm Jared in case she needs to know.

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Just put milwaukees best light and hope for the best.

Put texags MBL. I sent her the link to this thread, so she will know I sent you.