Updated over 7 years ago on . Most recent reply
Put the rental into a LLC?
Hi. I am hoping somebody can give me a little bit advise. When our permanent residence was build we made sure part of it was set it up to be finished as a mother in law/ duplex. That part of the house is getting close to be done and hopefully rented soon. My question since it is our residence would it make sense to put the rental portion of the house into a LLC? Or the whole house? What are the tax advantages/ disadvantages? I'm also wondering if we were to sell the house would we be able too if part of the house would be in a LLC. Thank you for any help.