A client asked the following: “I own 7 different properties personally with my wife and am looking at one for myself. I want to work out of QuickBooks using class tracking, one checkbook and treat them as disregarded entities for federal. I have some finance and when I mention them to bankers they seem to have never heard of them and local attorneys don't want to do them. Also, if this were a partnership with someone else am I understanding for federal purposes I'd have to file a separate tax return for each series with 7 different 1065's, EIN's and I presume 7 checkbooks?”

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The motivation behind this paper is to dissect the ignored element where the business isolates from ... View the full answer