Form LLC for write offs regardless of buying in my name or LLC?

[James Calabrese]

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!

[Brandon Hall]

@James Calabrese you should talk to a CPA :)

As @Jean Bolger mentioned, you don't need to operate out of an LLC. You can operate out of your own name (sole-proprietor) and still have the liberty of taking all the deductions you named. The key will be to show that you are not an investor, but running an active business. It's not difficult to do, but it's best to get with a real estate savvy CPA to get your ducks in a row.

Keep in mind that the tailored expertise you are looking for may not be local to you. Don't be afraid to call on someone non-local. Many of us have clients worldwide and utilize available technology for collaboration.