Originally Posted: Date: 02 08 2007, 12:42 pm
As I've mentioned before, I'm trying to learn all that I can about the business of rehabbing, but I'm still full of questions. If anyone can offer stories, advice, etc., I'll be happy to share my stories when we get started this summer. We should be meeting with a CPA later this month and hopefully they can answer a lot of our questions, but if they don't specialize in real estate, then who knows.
I understand that you can run an LLC as a partnership, where the company itself is not taxed, but the partners are taxed (as self employment) on what they withdraw. I've always been told (at least in Kansas) that if you sell a house that you haven't lived in for at least 2 years, then you will be taxed on that. Is that only for an individual, or would that apply to the LLC as well?
What financial programs do you use? I generally see QuickBooks listed as the only full-featured program to use, but which version works best for you? I was wondering if the contractor version would be good since it includes job costing.
As always, I appreciate any responses that I get.
Thanks
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