Beware: LLC members who live outside the United States in most other "industrialized/democratic" countries that tax their residents on their worldwide income may find themselves in situations where the country they live in don't recognize the LLC as a partnership for tax purposes (no flow through treatment). Instead, these other countries may view the LLC as a corporation and distributions from the LLC may be viewed as dividends. This can cause problems when there is a timing mismatch between when the income is earned and when the distribution is paid out. The timing is important for foreign tax credit purposes so you don't get double taxed. For LLC owners who are planning on moving to another country, they may want to get advice in both the destination country as well as in the U.S. before making the move to avoid surprises. Some cleanup may be needed before moving.
I have three properties in each of my 6 LLCs which are all free and clear. Is that balanced liability or once equity is 100% should I break them down even more.
Hi mark, I have no LLC's, if I live in Illinois, but I'm considering investing in a multiple unit property in Indiana, should I set up an LLC in Indiana?
Also, Mark, you mentioned putting an LLC between the self-directed IRA and the investment self-directed IRA LLCs in order to eliminate interacting and paying the IRA custodian every time we do something where it might be required. Is there an optimal state to put the intermediary self-directed IRA LLC?
Let's say I had 250k in crypto. For tax reasons, can I put that crypto into a LLC, then sell the crypto and have the LLC buy me a 250k house to live in. Finally, would that 250k be wrote off as 0 income?
You say to put my vehicles in my LLC instead of my personal name. Is that for asset protection? Which LLC is the optimal one to put it in? Operating, Passive, Wyoming, any other state? I reside in OR.
I was just told by my CPA that Wyoming is best protection for least cost in fees. Also, look into putting the LLC & personal assets into a TRUST for additional protection.
If you set up the foreign LLC for rental property will a lawsuit affect all properties or just the one in that particular state? I've always heard that you set up separate LLCs for each property in the state where it's located.
Thank you for your videos mate.but all thanks to Harvey Milton who taught me how to make trade and increased my Crypto from 8 to 21BTC now. No one really knows what is going to happen in the market and I know you are only saying what you think will happen based on the past. It is yours and my opinion so people should make their own Investment choices based on their own research…..
Beware: LLC members who live outside the United States in most other "industrialized/democratic" countries that tax their residents on their worldwide income may find themselves in situations where the country they live in don't recognize the LLC as a partnership for tax purposes (no flow through treatment). Instead, these other countries may view the LLC as a corporation and distributions from the LLC may be viewed as dividends. This can cause problems when there is a timing mismatch between when the income is earned and when the distribution is paid out. The timing is important for foreign tax credit purposes so you don't get double taxed. For LLC owners who are planning on moving to another country, they may want to get advice in both the destination country as well as in the U.S. before making the move to avoid surprises. Some cleanup may be needed before moving.
The Tax & Legal Playbook. Buy it! If you have a business, or thinking about starting a business, you need this book. ❤️
Great video gentleman. Thank you and god bless 🙏🏽.
Glad you enjoyed it! Thanks for watching!
As always, great information. Thanks guys!
Outstanding information
I keep meaning to buy that book and read it before I dive into an LLC.
Preach brothers!
I have three properties in each of my 6 LLCs which are all free and clear. Is that balanced liability or once equity is 100% should I break them down even more.
Also, wouldn't umbrella insurance replace the need for LLC Protection?
Also, what would my foreign entity status be in one or both states?
Hi mark, I have no LLC's, if I live in Illinois, but I'm considering investing in a multiple unit property in Indiana, should I set up an LLC in Indiana?
Hi John, to get your question answered, please submit it to podcast.mainstreetbusiness.com/ Thank you!
Also, Mark, you mentioned putting an LLC between the self-directed IRA and the investment self-directed IRA LLCs in order to eliminate interacting and paying the IRA custodian every time we do something where it might be required. Is there an optimal state to put the intermediary self-directed IRA LLC?
Can I create an LLC on another State that owns my apartment building?
Let's say I had 250k in crypto. For tax reasons, can I put that crypto into a LLC, then sell the crypto and have the LLC buy me a 250k house to live in. Finally, would that 250k be wrote off as 0 income?
You say to put my vehicles in my LLC instead of my personal name. Is that for asset protection? Which LLC is the optimal one to put it in? Operating, Passive, Wyoming, any other state? I reside in OR.
I was just told by my CPA that Wyoming is best protection for least cost in fees. Also, look into putting the LLC & personal assets into a TRUST for additional protection.
Does simply investing in crypto constitute a business?
If you set up the foreign LLC for rental property will a lawsuit affect all properties or just the one in that particular state? I've always heard that you set up separate LLCs for each property in the state where it's located.
You guys should pay me for deleting crypto trolls. ;-)
Thank you for your videos mate.but all thanks to Harvey Milton who taught me how to make trade and increased my Crypto from 8 to 21BTC now. No one really knows what is going to happen in the market and I know you are only saying what you think will happen based on the past. It is yours and my opinion so people should make their own Investment choices based on their own research…..
Havy79 VlA Te le gr am....📧✅🇱🇷🚀...
He gave me a basic understanding of the benefit of trading over holding especially in a speculative market.