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Updated about 3 years ago on . Most recent reply

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Mad Dendukuri
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3
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Purchasing Vehicle through LLC for managing properties

Mad Dendukuri
Posted

Hello:

Newbie investor here. I have two properties that I am self-managing and planning on adding one triplex next year - this one requires a rehab. I have been reading that for the purposes of managing/fixing the properties - I can purchase a new vehicle and get tax deductions. I have not established LLC for the first two - but now that I would like to expand, I am thinking about treating it like a business and establish an LLC for protection. I also learned that one can purchase a vehicle and get tax write off. My NOOB questions are:

- Do I need to establish LLC to tax write off on purchase price for vehicle? I cannot do this if a vehicle is purchased in my personal name?

- At what point (num. properties) does establishing a LLC makes sense?

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