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Spinoff: Rental property question for tax pros (first time landlord)
Posted on 5/13/15 at 9:00 pm
Posted on 5/13/15 at 9:00 pm
I recently purchased a rental property, started an LLC for this one house and am renting the property under the LLC. I paid inspection, closing costs, down payment, some repairs, appliances, etc. Can I write any of this off when filing my personal income taxes since all the money came out of my pocket to start the LLC?
I am about to purchase two more houses. Is there any reason to start them under separate LLC's vs. keeping all the houses under a single LLC?
I am about to purchase two more houses. Is there any reason to start them under separate LLC's vs. keeping all the houses under a single LLC?
1
Posted on 5/13/15 at 9:08 pm to JL
More information is needed but here is the short answer. You might be able to deduct the cost of some of the repairs, appliances, etc. The rest will be added to your cost basis in the property and will be depreciable to you.
The advantage to using separate LLCs for each property is limitation of liability. However, you should also have adequate liability protection in the event there is an accident or injury on any property.
The advantage to using separate LLCs for each property is limitation of liability. However, you should also have adequate liability protection in the event there is an accident or injury on any property.
This post was edited on 5/13/15 at 9:10 pm
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