Converting Primary Residence to and LLC and Renting to Myself

[Jake Diab]

Hey everyone, 
I have a home fully paid off that I live in, as well as currently rent out to one person. If I converted my primary residence into an LLC and then rented to myself (i.e., I'd still live in the house), could I utilize depreciation, and all other tax write-offs that go with owning an investment property?

Thanks so much 

[Bill B.]

Make sure you’re in a market where there is zero appreciation as you are giving up the tax free capital gains. You’d never do this in a good market. An expert would have to weigh in on if it would work in a war zone market. 

Don’t forget depreciation has to be paid back. And you’d have to declare the rental income that wouldn’t be personally deductible. So you’re creating taxable income. 

It sounds like a really bad idea.