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Updated almost 2 years ago,
Depreciation of Rental Property in Land Trust
I own an LLC that acts as a management company for my rental properties. All revenue and expenses are channeled through the LLC (management company). As any investor knows, it is wise to seperate ownership via different LLCs, land trusts, etc. of properties to limit liability exposures (one lawsuit against a single property does not place all properties at risk). My tax professional is telling me I am not able to depreciate the rental properties through the LLC (management company) if the deed is in another LLC, land trust or my personal name. Can someone please advise how/where I am able to depreciate them since they are solely used for business purposes?