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Updated almost 2 years ago on . Most recent reply

Ashana Singhania's profile image
Ashana Singhania's profile image
Ashana Singhania
  • Member since May 26, 2023
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14
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5
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Ashana Singhania's profile image
Ashana Singhania's profile image
Ashana Singhania
  • Member since May 26, 2023
Connect
Ashana Singhania
5
Votes |
14
Posts
Starting Out

Advised by an accountant on tax deduction - not sure if its true?

Ashana Singhania
Posted

I bought my first rental property and moved it under an LLC. The mortgage is in my individual name.

Suggestion Received - Create a loan agreement between myself and LLC for downpayment and furnishing costs. Deduct that amount from my personal income (other than what's originating from that LLC). Is that legally possible?

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