Just curious if there is any good or bad to have it one way or the other? Currently I have it in my name but wasn't sure if it would benefit any tax purposes by switching it with my rental properties or would you want to keep it separate? Thanks
Investor · Milwaukee - Mequon, WI · Member since 2010 · 5k+ posts · 7k+ votes
7y
No difference for taxes - in fact you have more tax benefits with your primary than with your rentals. If you set up a basic LLC for your business it is typically irrelevant for taxes - it's called a pass through. A business expense is defined by it's nature of being ordinary and necessary, not by how you hold the asset. You should order to tax book from the BP shop!