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Owner-occupied rental strategy
I will be moving out of state in the next 6 months and plan on buying a SFR I can live in for the year and rent out once I move a year later. I know I cannot take tax deductions on a personal residence, but I am under the impression I can take deductions for the cost of a rehab on a rental property. If my LLC owns the property and I "pay rent" to the LLC, could the rehab costs then be tax deductible even though I live in it?
I appreciate the input!
Matt