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19
Posts
1
Votes
Charlie McVan
  • Investor
  • Cleveland, OH
1
Votes |
19
Posts

two properties, going to add more, LLC, deductions and more!

Charlie McVan
  • Investor
  • Cleveland, OH
Posted

Here is our current situation. My wife and I purchased a property in 2016 with two houses on one lot. We have recently finished renovating the house we do not live in. And will begin to rent it in the next month. Currently the property is in my name only. We have considered quit claiming it to an LLC we have created. Which was made as we plan to add 1-2 properties a year.

I am unfamiliar with deductions and structuring for LLCs., as such, 1. do you recommend leaving a property in my name with our tenants just paying me personally? 2. What things can i deduct or write off in terms of the rental property (we completed approximately $15,000 in renovations. 3. if we plan to add another property this year. does the answer to #1 change? 4. Just want to lay the ground work moving forward and know what i need to be thinking of/saving/etc. We plan to hire a tax professional to assist, but want to get a better understanding of what we should be thinking of.

Thanks so much!

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