Looking to take advantage of tax breaks in my properties, have 3 single family homes that are rented out and my primary residence is being house hacked with two tenants. What's the best way to go about putting my homes into LLCs to take advantage of tax breaks. I know I need to find a RE Lawyer and CPA but also have no idea how to start doing that.
Accountant · Edina, MN · Member since 2020 · 172 posts · 97 votes
3y
LLCs will not get you tax breaks. LLCs are for legal protection. If you want tax breaks I would suggest finding a real estate specific tax professional who specializes in planning / strategy. There are plenty floating around here!
Accountant · Edina, MN · Member since 2020 · 172 posts · 97 votes
3y
LLCs will not get you tax breaks. LLCs are for legal protection. If you want tax breaks I would suggest finding a real estate specific tax professional who specializes in planning / strategy. There are plenty floating around here!
Looking to take advantage of tax breaks in my properties, have 3 single family homes that are rented out and my primary residence is being house hacked with two tenants. What's the best way to go about putting my homes into LLCs to take advantage of tax breaks. I know I need to find a RE Lawyer and CPA but also have no idea how to start doing that.
Omar,
Massey and Company would be happy to help you assist you with all your tax concerns.We want to ensure that you are receiving optimal tax services at a competitive price.
Real Estate Investor · Chico, CA · Member since 2016 · 248 posts · 105 votes
3y
I agree with Chris here, LLC will not provide a tax break, just limit your liability. A good tax accountant is worth their weight in gold, I wish I got one 10 years ago instead of messing around with TurboTax and messing up my depreciation schedules.