To Incorporate or not to Incorporate? That is the question!

[Michael Ramzy]

Hi Guys, I'm from Ontario canada and I'll be closing on a property in New York in the next few weeks. I'm not renting the property. It's going to be a second residency. It's less than $200k. So the question; what is the suggested ownership setup? On my personal name or corporate? My accountant suggested to be on my personal name, instead of a corporate. To avoid corporate cost fees and handling another corporation year end and taxes...etc. If I did it under a corporation, then I can take advantage of many tax deductions like; loan interest, insurance premium, property tax, repairs and improvements, travel, utilities...etc. Any advice?

[Mike Bicho]

I suggest LLC especially if you also plan to use as a vacation rental.