How to qualify for the pass-through tax deduction

[Sofia De Santos]

Hello! My husband and I are about to rent out our first single family home (which we currently live in), and was hoping to get some help here. We just created our LLC to help get the pass through deduction next year (besides the benefit of protecting our asset). Does anyone know if in order to get the business tax benefits, our LLC has to be in the lease name and all payments have to go through the business bank account? Or can it be my own within I own the LLC? Hoping to get some clarification here. Thank you in advance!

[Bill B.]

Try looking at an umbrella insurance policy. You are 10x more likely to get sued for something you do than your something your rental property causes that you aren’t also responsible for. If you’re in a car wreck, if you allow an uninsured worker to work on your rental property or your home, etc etc. Almost every way your rental property could hurt someone would be because of a mistake you made. That means you can be sued, that means you could lose anything you own. Even 5 rentals in 5 different llc’s.