Tax deduction if LLC owns property

[Jonathan Rosario]

First time investing into real estate.  I am in the stages of purchasing a property with a traditional loan, then transferring ownership to an LLC to protect my personal assets.  

Once the home is under the LLC Ownership, am I able to deduct expenses/mortgage interest payments from my own personal W2?  I am currently employed.  

[Greg Scott]

If you have a good CPA, realistically, the only additional deductions you get for putting a property in an LLC are the costs associated with creating and maintaining the LLC. Therefore, there is no real tax benefit to having an LLC.

You may also want to have a discussion with your attorney on the real level of protection you would receive from this strategy in your state. It would seem that in a lawsuit, a good attorney could argue that if the loan is in your name, but the property is in the LLC, there is no legal separation between you or the LLC and therefore the LLC could be disregarded.