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Updated over 9 years ago,
Form LLC for write offs regardless of buying in my name or LLC?
Have been studying up for a bit, and it's time for me to get started as an investor. I read the other day that if I form a LLC I could be writing off A LOT of my daily expenses since my home is partially used as an office for my investing work and I may drive/fly to visit investment opportunities, etc etc. This seemed amazing to me, and I couldn't wait to form a LLC, get a credit card for business expenses, and feel smug come tax day.
Separately, I've read a lot of debates around buying investments under my personal name or under a LLC. Regardless of the right answer to that debate for me, why the heck don't a go ahead and form my LLC so I can write off all these business expenses (internet, gas, phone, flights, etc). Can I be doing these right offs under and LLC even if I end up buying my first investment in my own name?
I know the best answer is "talk to a local CPA who is familiar with real estate investing", but want to get the BP insights. Also, anyone know a great CPA familiar with real estate investing in the Santa Monica or Los Angeles area?
Cheers!