|
you need to cough up for a good cpa.
You will be reporting the income and deducting related expenses on the LLC return (assuming more than one member). you will also be depreciating the house. you do own the house via ownership of the LLC. net income or loss will pass through to the members via K1. in short, the house is an investment property.
be sure to set up a bank account in the LLC's name and treat it like the business it really is. also be sure you are 50% of the LLC (assuming your intention is to own 1/2 of the house) and also be sure to have your own atty or cpa review the articles of organization for you.
the only issue i see here is one of a 'related party' and whether the rent you collect is market rate or below. don't want to elaborate on that without researching. most likely a non-issue.
i can follow up in the am if noone has answered for certain regarding the related party issue.
__________________
*****************************************
Well i had #6 adjusted perfectly but then just before i tightened it a butterfly in Zimbabwe farted and now i have to start all over again!
I believe we all make mistakes but I will not validate your poor choices and/or perversions and subsidize the results your actions.
|