should properties be put in my name or LLC from Tax perspective?
Hi, I am looking to purchase more property (currently have 3 units), but I am at a point where I need to decide whether to put the properties in my own name or my LLC for tax benefits / perspective.
Here is my current situation.
I work full time 40hr/week w-2, and make about 100k.
I have an LLC (wrapped in an S corp) in which I own 1 condo, worth 60k, with $860/m rent.
7/1/2016 purchased a duplex in my own name, worth about 130k, with 1560/m rents.
I like the supposed protection of an LLC (although it might not actually protect you, different discussion), but I have experienced problems with banks getting financing for properties in LLC's.
Owning property in my personal name allows for easier financing, but more risk, requiring the future need for a personal umbrella policy.
From a tax perspective my thoughts are.... it is wise to put the future properties in my own name because I will be able to use the building depreciation against my personal income. thus paying less taxes at the end of the year.
If I were to put the properties in my LLC would I be able benefit from the depreciation?
Any thoughts?