YOU Renting to yourself under an LLC
BP Good Afternoon!
I have this idea of creating a LLC for my rental properties and moving my current properties into the LLC along with my primary residence. I would use the LLC as the "landlord" and rent from my business. What are some down hill battles with this technique and is it even a thing? and of course all the positives too. I haven't really heard of anyone talk about this. I have not done a lot of research of this, that is why I am posting! In my opinion its a no brainer if the expenses get to be written off like I would just do as a normal rental property, I could do all renos and write them all off! It came to me because I have put over 30k into my primary residence over the past 5 years and to write them off would be WOAH amazing!
I could see this as an issue, if I would be sued from another tenant. My house would be locked up to the LLC and I believe I could possibly lose it if I was in the wrong for something. Also I guess my credit score would take a hit over the years too?
Please let me hear all your professional education, opinions and ideas!
thanks.
Most Popular Reply
@Steven Hershey Oh it is a thing all right. It is known as Fraud, sometimes tax evasion. Could get you lots of free room and board even a uniform!