Keeping current primary home as rental property

[Leonardo Morantes Gomez]

I bought a new house in Durham for me and it will be ready in October. I've lived in my current home (Raleigh) since 2018 and I'm hoping to keep it, but have several questions. My mortgage is $1400 and the house should be able to rent for at least $2300. Should I move the house to an LLC? If so, how to do it since it still has a mortgage? I'm hoping to use real estate (depreciation) to help me offset my large tax bill (in case it makes a difference to answer the question as far as the LLC).

[John Mocker]

Leonardo,

Don't forget to talk to your Insurance agent.  Most insurance companies will only write Homeowners policies for owner occupied dwellings.  You most likely will need to move the coverage to a Dwelling Fire (aka Landlord) policy.  If you are renting furnished be sure to let the agent know so they can add coverage to the new policy.  Also, you may want to have them quote an umbrella policy to give you additional Liability coverage.