Updated over 17 years ago on .
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Moving rental prop to LLC
Hello all,
I have a condo that i purchased 3+ years ago that i lived in for 2 years as a primary residence and then moved to a new house and now rent out the condo. I am currently renting the condo and unfortunatly b/c i bought a little on the high side, the rent covers the "mortgage" but not the HOA/taxes/ins. Basically its negative cash flow for now but i do get the deduction for my losses at the end of the year as well as the interest paid. My question is this. I have applied for an LLC and am wondering if tax-wise, i'd be better off transferring the deed to the LLC and what implications/benefits that would have vs using as part of my personal taxes. I am now beginning to invest and want to make sure that going forward i put everything on the LLC but hopefully that will be all positive passive cash flow and will be an easier situation.
Thanks all!
JG