We received the question below from one of our subscribers.
He is an entrepreneur. He owns and runs his own business. As an overachiever, he also, unrelated to his business, owns 10 rental properties each of which generates a stream of revenue.
Our subscriber has the following questions about his rental properties:
Should I create a separate limited liability company (LLC) for each property?
Should I have the IRS create a separate employer identification number (EIN) for each LLC?
If I create an EIN for each LLC, how do I report the rental activities for tax purposes?
If I have 10 different LLCs with ... Log in to view full article.