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Updated over 2 years ago,
Collecting rent through LLC while claiming depreciation personall
Hi Everyone,
I just bought my primary residence and am planning on renting it out. I am the sole proprietor of my LLC and would like to be able to collect rent money through my LLC so that it is profitable and I can use it for some tax benefits. At the same time, I would also like to be able to claim depreciation on my personal income tax statement. I know as a sole proprietor, I will file my LLC's income along with my own personally. I'm just trying to determine if there are any caveats or things I'm overlooking that would make this a bad idea. Any advice would be greatly appreciated.
Thanks!