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Updated 1 day ago, 12/30/2024
Does my property have to be in LLC to benefit from real estate tax advantages?
I have a property in my personal name that I plan to rent annually. I created an LLC to collect rent and manage any expenses related to the property. My accountant told me that I needed to move the property into the LLC (change the title/deed) for the property to be considered a rental. I can't move this property to an LLC as the condo docs refrain owners from owning in LLC. Is my accountant accurate in stating I cannot deduct the expenses related to the property if it's not listed in an LLC?