is there a tax shelter for our LLC which is a property management and construction company for our rentals?

We have several rental properties but we can't deduct losses against our income due to passive loss rule because we have a regular job, and not a real estate professional and our AGI is greater than $150K, which is the limit on the $25K loss deduction even though we're active participant. Because we manage our own properties. Someone suggested to us to setup a business of property management in Nevada, that way business expenses can be deducted against our income. Has anyone done that? We live in California but our rentals are 5 hours away from us in Carson City Nevada. If you're a CPA in San Jose/Cupertino area and have helped your clients in this way, we want to talk to you.

Asked By: alwayswonder - 1/10/2009
Best Answer - Chosen by Asker
Please stop listening to "Someone." "Someone" is either the dumbest SOB on the Tax Planet or a scam artist trying to separate you from your hard-earned money. I see his advice posted here many times a day and in nearly every case he is not only dead wrong but taking his advice could leave you in serious legal trouble... More
Answered By: bostonianinmo - 1/10/2009
Additional Answers (0)
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