Half family occupied, half rental
Hey experts,
I recently bought a condo under my name and created an LLC. The condo is under my name but the LLC was created because I planned on renting out half of the space. My brother will be living in the other half and I do not want to charge him rent. I'm trying to figure out the tax implications. Can I show rental income for the half that is being rented out and take half the deductions for all expenses? How should I pay for most expenses? From personal account or LLC account? How would the IRS know that just half of it is rental from the return? Any advise is appreciated.
Thanks!