Personal residence converting to first rental

[Ryan L.]

Hi All,

I am just starting out and this one question keeps stumping me. Here it is - The house is in my name. The house will be rented in 6 months. I will be doing approximately 7k worth of updates to the house. When the house begins to be rented how do I list those 7k worth of updates as deppreciable expenses? Will I have to transfer the asset to an LLC prior? Should I wait to do the updates until I am out of the home?

If I rent it for one year under my name and then "sell" the asset to my LLC how would that alter my taxes?

I know it is a lot of questions but I am sure a lot of you started out this way and can provide some insight on how you handled the hand off.