Looking to sell my first rental property that was previously my home. I have rented the home for over six years now and am wanting to sell it now. I will not be doing a 1031 due to the current market conditions in my area. I need to do several repairs to the home before I list it on the market and was hoping to do the repairs myself. From what I have been reading it seems that I will only be able to deduct the cost of the materials for the repairs and not the labor because I will be completing the work myself. Would creating a LLC and billing the repairs through the LLC be the best way for me to reduce the taxes on selling of the property?
Thanks for all of the help in advance!