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I have 4 rental properties in GA that I claim on my income tax. Am I required to have an official business name or business license?

Evelyn J, GA on Wednesday, September 3, 2014

RE: Offical Business Name

Nope, You can do it under your own identity but you may want to consider and LLC to help protect your personal assets. Talking to your accountant may be the best step in making sure that everything is filed correctly for taxes.

Posted by Derrick D, PA on Wednesday, September 3, 2014

RE: Offical Business Name

The city where I own a rental property (single family residence) requires that I file for a business license. 1) I don't have a business and 2) I claim rental income as passive income on my personal state and federal tax returns. Can the city force me to have a business even if I have zero business income? Or, is this a case where I end up with a business license, but do not report any business activity on my state and federal tax returns? Would that be in compliance with tax code? It seems this practice of forcing a property owner, who rents out the property to have a business license, is probably challengeable. What do you think?

Posted by Kimberly I, CA on Friday, February 6, 2015

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