Updated almost 8 years ago on . Most recent reply
Rental from a closely held LLC
My wife's family farm which includes 320 acres and two houses has been placed in an LLC. My wife is a 1/6 shareholder, her sisters each hold 1/6 and her aunt 3/6. If my wife and I were to rent one of the houses at market value from the LLC could improvements and repairs on the house by paid for by the LLC and taken as business deductions by the LLC? If my wife's share were passed to our daughter could the LLC do it then?