Tax Implications for partnerships-NE or SE DC

[Francis Dayamba]

I am planning on buying a small multi-unit property in NE or SE DC by "house-hacking" to make the purchase. My friend (future business partner) and I are looking to raise the funds together and then we plan to transfer the property over to a LLC.

1. What are my personal tax implications before and after the transfer to the LLC?
2. Can my business partner also receive some tax benefits if the house is purchased in my name?
2a. How do we do the deal so my business partner can benefit from depreciation write-off or other tax benefits?

Francis