Personal Residence Shouldn’t be in LLC Right?
While it may be a good idea to put rentals or flips into an RE LLC I probably shouldn't do that when buying my personal residence (not a house hack) correct? Otherwise I would lose out on mortgage interest deductions on taxes, and could owe taxes I pay my LLC in rent, right?
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@Kris L.. Everyone's situation is different. I have a living trust that owns an out-of-state LLC that owns a land trust that owns my personal residence. So yeah, it can get even more complicate then you think, based on your objectives. You might want to read this post I wrote on the benefits of LLCs and why you should have one (or many!)
It's time to hire a CPA...