Rental Property Tax Implications (Personal -> LLC)?

[John M.]

Hi everyone -

I'm trying to understand what the benefits would be in moving a personally held rental property to an LLC. Is there an attorney and/or accountant that can shed some light on this?

The rental property has been depreciated over the past 2 or 3 years of tax returns.

I'm in the process of closing on 4 properties in an LLC. I'm trying to understand if there is a benefit to moving the other over as well.

Any advice/insight would be helpful.

Thank you,

John

[Costin I.]

@John M. Not a lawyer, but can tell you (AFAIK) a trust doesn't offer any liability protection, just a layer of anonymity. It complements an LLC (which gives you the legal protection) and are often setup together. Talk with @Scott Smith, he should be able to help you.