Updated almost 3 years ago on .
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personal home for tax deductions
I have 4 SFH's that are currently rented. my question is should I put my personal home under my business LLC and pay my loan thur that
so I could get the tax benefits and write off for any repairs.
or would that be setting me up for problems than it would be worth.
also would I have to claim a taxable income on it?
just a thought.
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Something being in an LLC doesn't make it a business asset.
It being rented for a business/profit motive does.
Your personal home being in an LLC would not make any of your personal expenses now deductible. Your repairs would still be non deductible. Any renovations you do on your primary are not deductible but can be tracked for when you sell (they increase your basis in the property)
Your personal mortgage interest and taxes are potentially deductible on Schedule A if you itemize.
Putting your rental in an LLC may potntially cause you to lose lower property taxs with your county, cause lending issues and more.
