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Tax, SDIRAs & Cost Segregation

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9
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Dhruva Patel
  • Real Estate Professional
  • Dallas, TX
1
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9
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Half family occupied, half rental

Dhruva Patel
  • Real Estate Professional
  • Dallas, TX
Posted Aug 7 2017, 13:52

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!

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