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Updated 10 months ago,
Hiring Myself to do a Heaver Turn
I own an investment property in my personal name that I purchased last year, this was done before I started my LLC. My LLC is currently doing a flip on a home that I anticipate closing middle of summer. My LLC's main purpose is for real estate investing, not general contracting or anything like that. My question is, can I hire my own LLC for $100 to renovate the property I purchased last year in my own personal name? By doing this I anticipate losses of around $5k-$10k in my LLC's name, which would help offset some of the capital gains from my flip.
I know 1031 is an option but if I can offset losses in my LLC I'd rather do that and 1031 whatever gains are left.