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Updated about 9 years ago on . Most recent reply
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Can You Pay Your Own LLC Rent?
Hello,
I currently own investment properties in Buffalo NY, which are each treated as an LLC, and a single family home in which I live in San Antonio TX. Is it possible/legal for me to transfer the ownership or sell my home to my corporation, or to another one I file, then pay myself rent, as well as deduct repairs and other property expenses that you cannot deduct from your personal residence through that corp?
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I'm certainly no expert but will get the ball rolling. In Texas you have the homestead legal / tax benefit on your primary home so would think by moving your personal residence under a LLC structure you jeapordize those benefits.