Okay, I probably won't need an LLC, but a separate bank account may help me to

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Mar 28, 2025
1:28:08pm

dYrtbYkerYder All-American

Okay, I probably won't need an LLC, but a separate bank account may help me to

track expenses better.

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dYrtbYkerYder

Bio page: dYrtbYkerYder
Joined: Sep 27, 2006
Last login: Apr 11, 2025
Total posts: 25,237 (184 FO)

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Messages

Author

Time

Tax advice needed. We recently moved to Lexington, KY (Scott Co.). We're on 5

Mar 28, 1:05pm

So much to unpack there but one simple comment I can make is be careful

JAGA97

Mar 28, 1:09pm

You’ve got to look a local rules and tax law. To get ag exempt property you

ATX

Mar 28, 1:15pm

I will just give you my experience, I’m not a tax professional.

BPintheCouv

Mar 28, 1:18pm

Okay, I probably won't need an LLC, but a separate bank account may help me to

Mar 28, 1:28pm

Rental property should be in an LLC. The LLC will be disregarded for income tax

RBLegend

Mar 28, 1:22pm

LLC's are pass through entities. You will still pay taxes on it as investment

JAGA97

Mar 28, 1:26pm

LLC will be disregarded if set up properly. Real estate should NEVER be held in

RBLegend

Mar 28, 1:30pm

Disregarded yes. Still have to file a schedule C, 1065, or 1120 S on rental

JAGA97

Mar 28, 2:03pm

An S corp should never own real estate. It will cause major problems at the

RBLegend

Mar 28, 2:43pm

I'm not a tax guy; there are limitations on hobby farms

Ol Big Bear

Mar 28, 1:40pm

I would just report the farming activity on schedule F

oohYeah

Mar 28, 2:07pm

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