Accounting/tax question
If the mortgage is in my name and the bank allows me to deed the home in my LLC's name, how do I handle expenses, taxes, and who do the tenants write the rent checks to? This option has greatly muddied the waters for me?
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#1 Foreclosures Contributor
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Tax wise, it makes no difference as everything to the LLC is a pass through to you.
Wayne is correct. I would have them write the rent checks to the LLC name but that is just my preference.
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You have them right the checks to the LLC and keep all finances directly through the company. This gives you the asset protection of an LLC. Otherwise it is pointless. Your LLC operating agreement should state that the LLC has the right hold property in any nominee's name (business or personal). That is what protects an attorney from saying you co-mingled personal and business by having a mortgage in your personal name.