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Updated 10 months ago,
Keeping current primary home as rental property
I bought a new house in Durham for me and it will be ready in October. I've lived in my current home (Raleigh) since 2018 and I'm hoping to keep it, but have several questions. My mortgage is $1400 and the house should be able to rent for at least $2300. Should I move the house to an LLC? If so, how to do it since it still has a mortgage? I'm hoping to use real estate (depreciation) to help me offset my large tax bill (in case it makes a difference to answer the question as far as the LLC).