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Updated over 5 years ago on . Most recent reply
Maximizing Tax Benefits of an LLC
Newbie here!
We have a secondary home we plan to start to use as a STR next summer. The home is currently in our name and we have a conventional mortgage on it.
-For those with a house in your name, do you have an LLC? If so how do you maximize the tax benefits of it? Do you 'rent' the house to your LLC?
-Has anyone found a benefit to transferring the title to an LLC while still having some sort of lending on it? If so, how did you do it? I'm under the impression you can't have a conventional mortgage in your personal names with a property titled to an LLC. What type of lending have you found to be best?
Thank you so much!!
Most Popular Reply
- Tax Strategist| National Tax Educator| Accepting New Clients
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Great news!
There are literally 0 tax benefits of an LLC.
Not a one.
You get to deduct the annual LLC cost- but aside from that you get the same deductions you're entitled to if it's in your personal name.
It's really there for legal protection purposes, or structuring. But tax wise it doesn't generate any benefits.
